Resources Connection Inc. (RECN) Stock Rating Reaffirmed by JPMorgan Chase & Co.
Resources Connection Inc. (NASDAQ:RECN)‘s stock had its “hold” rating reiterated by equities researchers at JPMorgan Chase & Co. in a report issued on Thursday.
RECN has been the topic of a number of other research reports. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Deutsche Bank AG started coverage on Resources Connection in a research report on Wednesday, August 17th. They set a “sell” rating and a $13.00 price target on the stock. Finally, Robert W. Baird downgraded Resources Connection from an “outperform” rating to a “neutral” rating in a research report on Thursday.
Resources Connection (NASDAQ:RECN) traded down 11.530% during midday trading on Thursday, hitting $13.244. The stock had a trading volume of 501,433 shares. The company has a market capitalization of $480.03 million, a PE ratio of 16.351 and a beta of 1.31. Resources Connection has a 52 week low of $12.30 and a 52 week high of $18.71. The company’s 50-day moving average price is $14.81 and its 200 day moving average price is $14.88.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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%. Resources Connection’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 earnings per share. On average, analysts expect that Resources Connection will post $0.82 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Monday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio (DPR) is currently 54.32%.
Several large investors have recently modified their holdings of the stock. Springbok Capital Management LLC increased its stake in shares of Resources Connection by 65.2% in the first quarter. Springbok Capital Management LLC now owns 13,300 shares of the company’s stock worth $207,000 after buying an additional 5,248 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Resources Connection by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 287,890 shares of the company’s stock worth $4,479,000 after buying an additional 28,946 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Resources Connection during the first quarter worth $733,000. Alambic Investment Management L.P. increased its stake in shares of Resources Connection by 37.7% in the second quarter. Alambic Investment Management L.P. now owns 76,623 shares of the company’s stock worth $1,132,000 after buying an additional 20,983 shares in the last quarter. Finally, Brandes Investment Partners LP increased its stake in shares of Resources Connection by 45.1% in the second quarter. Brandes Investment Partners LP now owns 135,628 shares of the company’s stock worth $2,005,000 after buying an additional 42,188 shares in the last quarter. 87.39% of the stock is currently owned by hedge funds and other institutional investors.
About Resources Connection
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.
Receive News & Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related companies with MarketBeat.com's FREE daily email newsletter.