Goldman Sachs Group Inc. Sells 7,949 Shares of Resources Connection, Inc. (RECN)
Goldman Sachs Group Inc. lowered its stake in Resources Connection, Inc. (NASDAQ:RECN) by 9.5% during the first quarter, Holdings Channel reports. The firm owned 75,996 shares of the business services provider’s stock after selling 7,949 shares during the period. Goldman Sachs Group Inc.’s holdings in Resources Connection were worth $1,273,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. River Road Asset Management LLC increased its stake in shares of Resources Connection by 15.8% in the first quarter. River Road Asset Management LLC now owns 1,339,967 shares of the business services provider’s stock valued at $22,444,000 after buying an additional 182,830 shares during the period. Palisade Capital Management LLC NJ increased its position in shares of Resources Connection by 0.5% in the first quarter. Palisade Capital Management LLC NJ now owns 900,263 shares of the business services provider’s stock worth $15,079,000 after buying an additional 4,360 shares during the period. Norges Bank acquired a new position in shares of Resources Connection during the fourth quarter worth about $12,661,000. Bank of New York Mellon Corp increased its position in shares of Resources Connection by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 562,579 shares of the business services provider’s stock worth $9,424,000 after buying an additional 18,428 shares during the period. Finally, Morgan Stanley increased its position in shares of Resources Connection by 27.2% in the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after buying an additional 83,386 shares during the period. Institutional investors and hedge funds own 83.52% of the company’s stock.
Shares of Resources Connection, Inc. (RECN) traded down 1.54% on Thursday, reaching $12.80. The company’s stock had a trading volume of 14,574 shares. The company has a market cap of $382.30 million, a price-to-earnings ratio of 22.86 and a beta of 1.20. The stock has a 50-day moving average of $13.63 and a 200 day moving average of $14.70. Resources Connection, Inc. has a 52-week low of $12.41 and a 52-week high of $19.80.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. The business had revenue of $148.60 million during the quarter, compared to the consensus estimate of $148.46 million. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.23 EPS. On average, equities research analysts forecast that Resources Connection, Inc. will post $0.70 earnings per share for the current year.
The company 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 $0.12 dividend. The ex-dividend date is Tuesday, August 22nd. This represents a $0.48 annualized dividend and a dividend yield of 3.69%. This is a positive change 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 brokerages have issued reports on RECN. Deutsche Bank AG reduced 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 downgraded Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet downgraded 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 issued a hold rating to the stock. The company currently has an average rating of “Sell” and an average target price of $15.50.
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). 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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