Vanguard Group Inc. cut its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 2.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,830,291 shares of the business services provider’s stock after selling 67,629 shares during the period. Vanguard Group Inc. owned approximately 0.10% of Resources Connection worth $47,408,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of Resources Connection by 1.2% in the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock worth $143,000 after buying an additional 104 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock worth $203,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Resources Connection by 2.0% in the first quarter. Arizona State Retirement System now owns 15,495 shares of the business services provider’s stock worth $260,000 after buying an additional 300 shares during the last quarter. Mason Street Advisors LLC boosted its stake in shares of Resources Connection by 7.7% in the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock worth $116,000 after buying an additional 499 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of 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 last quarter. 83.52% of the stock is currently owned by institutional investors.

Shares of Resources Connection, Inc. (RECN) traded down 0.191% during midday trading on Friday, hitting $13.075. 5,010 shares of the stock were exchanged. The firm’s 50 day moving average is $13.62 and its 200-day moving average is $14.69. The stock has a market capitalization of $390.51 million, a price-to-earnings ratio of 23.348 and a beta of 1.20. Resources Connection, Inc. has a 1-year low of $12.41 and a 1-year high of $19.80.

Resources Connection (NASDAQ:RECN) last released its earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. The company had revenue of $148.60 million during the quarter, compared to analysts’ expectations of $148.46 million. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. On average, analysts predict that Resources Connection, Inc. will post $0.70 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 24th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.66%. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, August 22nd. Resources Connection’s payout ratio is presently 80.00%.

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A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a report on Friday, May 26th. BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Deutsche Bank AG dropped their target price on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Resources Connection currently has a consensus rating of “Sell” and a consensus 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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Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

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