Palisade Capital Management LLC NJ Increases Stake in Resources Connection, Inc. (RECN)
Palisade Capital Management LLC NJ boosted its stake in Resources Connection, Inc. (NASDAQ:RECN) by 2.5% during the second quarter, Holdings Channel reports. The institutional investor owned 922,488 shares of the business services provider’s stock after buying an additional 22,225 shares during the period. Palisade Capital Management LLC NJ’s holdings in Resources Connection were worth $12,638,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Citadel Advisors LLC raised its stake in shares of Resources Connection by 60.8% in the first quarter. Citadel Advisors LLC now owns 98,192 shares of the business services provider’s stock valued at $1,644,000 after buying an additional 37,137 shares in the last quarter. Guggenheim Capital LLC bought a new stake in Resources Connection during the fourth quarter worth $1,080,000. Adams Diversified Equity Fund Inc. raised its stake in Resources Connection by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 65,600 shares of the business services provider’s stock worth $1,099,000 after buying an additional 1,800 shares during the period. LSV Asset Management bought a new stake in Resources Connection during the first quarter worth $299,000. Finally, Comerica Bank raised its stake in Resources Connection by 3.7% in the first quarter. Comerica Bank now owns 32,829 shares of the business services provider’s stock worth $468,000 after buying an additional 1,161 shares during the period. 83.52% of the stock is owned by institutional investors and hedge funds.
Shares of Resources Connection, Inc. (NASDAQ RECN) opened at 13.30 on Tuesday. The stock has a market cap of $397.23 million, a price-to-earnings ratio of 23.75 and a beta of 1.20. The stock’s 50 day moving average price is $13.67 and its 200-day moving average price is $14.84. Resources Connection, Inc. has a 1-year low of $12.41 and a 1-year high of $19.80.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings data on Thursday, July 20th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. Resources Connection had a net margin of 2.99% and a return on equity of 7.55%. The business had revenue of $148.60 million for the quarter, compared to analysts’ expectations of $148.46 million. During the same quarter in the previous year, the firm earned $0.23 EPS. Resources Connection’s revenue was down 2.6% compared to the same quarter last year. On average, equities research analysts forecast that Resources Connection, Inc. will post $0.70 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 24th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.48 dividend on an annualized basis and a yield of 3.61%. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s payout ratio is presently 80.00%.
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A number of analysts have recently weighed in on the company. Deutsche Bank AG dropped their price objective on Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a research note on Friday, July 21st. BidaskClub lowered Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research lowered Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet lowered Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company currently has an average rating of “Sell” and an average target price of $15.50.
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). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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