Resources Connection Inc. (RECN) Stock Rating Lowered by Zacks Investment Research
According to Zacks, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services. “
RECN has been the topic of several other reports. Robert W. Baird cut shares of Resources Connection from an outperform rating to a neutral rating in a research report on Thursday. JPMorgan Chase & Co. restated a hold rating on shares of Resources Connection in a research report on Thursday. Finally, Deutsche Bank AG set a $12.00 target price on shares of Resources Connection and gave the company a sell rating in a research report on Thursday.
Resources Connection (NASDAQ:RECN) opened at 13.00 on Friday. Resources Connection has a 12-month low of $12.30 and a 12-month high of $18.71. The stock has a market capitalization of $471.19 million, a price-to-earnings ratio of 16.05 and a beta of 1.31. The stock’s 50 day moving average is $14.68 and its 200 day moving average is $14.85.
Resources Connection (NASDAQ:RECN) last announced its earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.01. The business had revenue of $143.40 million for the quarter. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. The company’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. Equities analysts predict that Resources Connection will post $0.82 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.38%. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. Resources Connection’s dividend payout ratio is presently 57.14%.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors increased its position in shares of Resources Connection by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,401,325 shares of the company’s stock valued at $35,492,000 after buying an additional 21,719 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Resources Connection by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,234,699 shares of the company’s stock valued at $33,028,000 after buying an additional 73,131 shares during the last quarter. Royce & Associates LP increased its position in shares of Resources Connection by 200.8% in the second quarter. Royce & Associates LP now owns 2,230,539 shares of the company’s stock valued at $32,967,000 after buying an additional 1,489,000 shares during the last quarter. Palisade Capital Management LLC NJ increased its position in shares of Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock valued at $11,927,000 after buying an additional 124,910 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Resources Connection during the fourth quarter valued at approximately $8,547,000. Institutional investors own 87.39% of the company’s stock.
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.
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