Deprince Race & Zollo Inc. Purchases Shares of 369,972 Resources Connection Inc. (RECN)
Deprince Race & Zollo Inc. bought a new position in Resources Connection Inc. (NASDAQ:RECN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 369,972 shares of the company’s stock, valued at approximately $5,468,000.
Several other hedge funds have also bought and sold shares of the company. Stoneridge Investment Partners LLC acquired a new stake in Resources Connection during the second quarter worth approximately $350,000. Bank of Montreal Can purchased a new stake in shares of Resources Connection during the second quarter valued at approximately $240,000. BNP Paribas Arbitrage SA raised its stake in shares of Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock valued at $170,000 after buying an additional 6,142 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Resources Connection by 1.6% in the first quarter. Arizona State Retirement System now owns 19,095 shares of the company’s stock valued at $297,000 after buying an additional 300 shares during the last quarter. Finally, Panagora Asset Management Inc. raised its stake in shares of Resources Connection by 9.9% in the first quarter. Panagora Asset Management Inc. now owns 418,619 shares of the company’s stock valued at $6,514,000 after buying an additional 37,742 shares during the last quarter. 87.39% of the stock is owned by institutional investors and hedge funds.
Resources Connection Inc. (NASDAQ:RECN) traded down 12.63% during mid-day trading on Thursday, reaching $13.08. The company’s stock had a trading volume of 869,690 shares. Resources Connection Inc. has a one year low of $12.30 and a one year high of $18.71. The company has a market capitalization of $474.08 million, a price-to-earnings ratio of 16.15 and a beta of 1.31. The stock has a 50-day moving average price of $14.80 and a 200-day moving average price of $14.88.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $143.40 million for the quarter. Resources Connection had a return on equity of 8.86% and a net margin of 5.09%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS. Equities research analysts forecast that Resources Connection Inc. will post $0.82 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, August 22nd. This represents a $0.44 dividend on an annualized basis and a yield of 3.36%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio is currently 54.32%.
Several analysts recently commented on the company. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, September 15th. Robert W. Baird lowered Resources Connection from an “outperform” rating to a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Resources Connection in a report on Thursday. Finally, Deutsche Bank AG assumed coverage on Resources Connection in a report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price objective for the company.
Resources Connection Company Profile
Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
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