Resources Connection Inc. (RECN) Cut to “Neutral” at Robert W. Baird
A number of other brokerages have also issued reports on RECN. Deutsche Bank AG initiated coverage on shares of Resources Connection in a report on Wednesday, August 17th. They issued a sell rating and a $13.00 price objective for the company. Zacks Investment Research upgraded shares of Resources Connection from a sell rating to a hold rating in a report on Thursday, June 9th.
Shares of Resources Connection (NASDAQ:RECN) opened at 13.23 on Thursday. The stock has a 50 day moving average of $14.63 and a 200-day moving average of $14.84. Resources Connection has a 12 month low of $12.30 and a 12 month high of $18.71. The company has a market cap of $478.50 million, a price-to-earnings ratio of 17.16 and a beta of 1.31.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. The business earned $143.40 million during the quarter. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. Resources Connection’s revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS. On average, analysts forecast that Resources Connection will post $0.82 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 3.33%. 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 is currently 57.14%.
A number of hedge funds have recently added to or reduced their stakes in RECN. Royce & Associates LP increased its stake in Resources Connection by 200.8% in the second quarter. Royce & Associates LP now owns 2,230,539 shares of the company’s stock worth $32,967,000 after buying an additional 1,489,000 shares in the last quarter. Norges Bank purchased a new stake in Resources Connection during the fourth quarter worth $8,547,000. Deprince Race & Zollo Inc. purchased a new stake in Resources Connection during the second quarter worth $5,468,000. Palisade Capital Management LLC NJ increased its stake in Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock worth $11,927,000 after buying an additional 124,910 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Resources Connection by 42.5% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 349,654 shares of the company’s stock worth $5,167,000 after buying an additional 104,281 shares in the last quarter. 87.39% of the stock is owned by institutional investors and hedge funds.
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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