Resources Connection, Inc. (RECN) Shares Bought by Sapience Investments LLC
Sapience Investments LLC grew its stake in shares of Resources Connection, Inc. (NASDAQ:RECN) by 16.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 524,984 shares of the business services provider’s stock after acquiring an additional 74,930 shares during the period. Sapience Investments LLC owned 1.76% of Resources Connection worth $7,192,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of RECN. Russell Investments Group Ltd. bought a new stake in Resources Connection in the first quarter worth $116,000. Mason Street Advisors LLC boosted its holdings in 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 purchasing an additional 499 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in 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 purchasing an additional 104 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in Resources Connection in the first quarter worth $173,000. Finally, Louisiana State Employees Retirement System boosted its holdings in 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 purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 82.19% of the company’s stock.
Shares of Resources Connection, Inc. (NASDAQ:RECN) traded up 0.79% during midday trading on Friday, reaching $12.80. 150,849 shares of the company were exchanged. The company has a market capitalization of $382.30 million, a P/E ratio of 22.86 and a beta of 1.21. The stock has a 50-day moving average price of $12.60 and a 200 day moving average price of $13.79. Resources Connection, Inc. has a 52-week low of $12.05 and a 52-week high of $19.80.
Resources Connection (NASDAQ:RECN) last announced 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). Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The firm had revenue of $148.60 million during the quarter, compared to the consensus estimate of $148.46 million. During the same period last year, the business earned $0.23 EPS. The business’s revenue was down 2.6% on a year-over-year basis. Equities research analysts expect that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date was Tuesday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s dividend payout ratio (DPR) is 87.27%.
A number of brokerages recently issued reports on RECN. BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Zacks Investment Research upgraded shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday. Robert W. Baird reiterated a “hold” rating and issued a $15.00 price objective on shares of Resources Connection in a report on Friday, August 25th. Finally, Deutsche Bank AG decreased their price objective on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $15.33.
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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