7,186 Shares in Resources Connection Inc. (RECN) Acquired by Mason Street Advisors LLC
Mason Street Advisors LLC acquired a new position in shares of Resources Connection Inc. (NASDAQ:RECN) during the second quarter, according to its most recent disclosure with the SEC. The firm acquired 7,186 shares of the company’s stock, valued at approximately $106,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Royce & Associates LP raised 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 valued at $32,967,000 after buying an additional 1,489,000 shares during the period. Deprince Race & Zollo Inc. acquired a new stake in Resources Connection during the second quarter valued at $5,468,000. Barrow Hanley Mewhinney & Strauss LLC raised 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 valued at $5,167,000 after buying an additional 104,281 shares during the period. Dimensional Fund Advisors LP raised its stake in 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 period. Finally, TIAA CREF Investment Management LLC raised its stake in Resources Connection by 29.4% in the first quarter. TIAA CREF Investment Management LLC now owns 223,422 shares of the company’s stock valued at $3,476,000 after buying an additional 50,767 shares during the period. 87.16% of the stock is currently owned by hedge funds and other institutional investors.
Resources Connection Inc. (NASDAQ:RECN) opened at 14.59 on Wednesday. The company has a market capitalization of $527.69 million, a P/E ratio of 18.92 and a beta of 1.31. Resources Connection Inc. has a 52-week low of $12.30 and a 52-week high of $18.71. The firm has a 50-day moving average price of $14.30 and a 200 day moving average price of $14.76.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. The firm 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 for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS. On average, analysts predict that Resources Connection Inc. will post $0.82 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.02%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. Resources Connection’s payout ratio is presently 57.14%.
Several analysts recently weighed in on RECN shares. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Resources Connection in a research note on Thursday, October 6th. Robert W. Baird lowered Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 6th. Finally, Deutsche Bank AG started coverage on Resources Connection in a research note on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price objective on the 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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