Resources Connection, Inc. (RECN) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Resources Connection, Inc. (NASDAQ:RECN) from a sell rating to a hold rating in a research report released on Thursday.
According to Zacks, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services. “
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Resources Connection from a sell rating to a strong sell rating in a research note on Friday, August 18th. TheStreet downgraded shares of Resources Connection from a b- rating to a c+ rating in a research note on Friday, May 26th. Deutsche Bank AG reduced their price objective on shares of Resources Connection from $14.00 to $12.00 and set a sell rating for the company in a research note on Friday, July 21st. Finally, Robert W. Baird reissued a hold rating and issued a $15.00 price objective on shares of Resources Connection in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $15.33.
Resources Connection (RECN) traded up 0.79% on Thursday, reaching $12.80. The company had a trading volume of 68,628 shares. The stock’s 50-day moving average is $12.60 and its 200-day moving average is $13.79. The company has a market capitalization of $382.30 million, a P/E ratio of 22.86 and a beta of 1.21. Resources Connection has a 52 week low of $12.05 and a 52 week high of $19.80.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.23 EPS. Equities research analysts forecast that Resources Connection will post $0.70 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.75%. Resources Connection’s dividend payout ratio is presently 87.27%.
Hedge funds have recently modified their holdings of the company. Mason Street Advisors LLC increased its position in shares of Resources Connection by 7.7% during the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock worth $116,000 after purchasing an additional 499 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Resources Connection during the first quarter worth $116,000. BNP Paribas Arbitrage SA increased its position in shares of Resources Connection by 1.2% during the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock worth $143,000 after purchasing an additional 104 shares in the last quarter. Aperio Group LLC acquired a new position in shares of Resources Connection during the second quarter worth $171,000. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Resources Connection during the first quarter worth $173,000. 82.19% of the stock is currently owned by institutional investors and hedge funds.
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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