Greenhouse Funds LLLP Purchases New Holdings in Resources Connection, Inc. (RECN)
Greenhouse Funds LLLP purchased a new position in shares of Resources Connection, Inc. (NASDAQ:RECN) in the fourth quarter, HoldingsChannel reports. The firm purchased 227,397 shares of the business services provider’s stock, valued at approximately $3,513,000. Resources Connection accounts for 1.0% of Greenhouse Funds LLLP’s portfolio, making the stock its 26th biggest position.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Aperio Group LLC purchased a new position in shares of Resources Connection during the 4th quarter worth $157,000. SG Americas Securities LLC purchased a new position in shares of Resources Connection during the 3rd quarter worth $153,000. Municipal Employees Retirement System of Michigan grew its holdings in shares of Resources Connection by 58.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock worth $155,000 after purchasing an additional 4,120 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Resources Connection during the 3rd quarter worth $164,000. Finally, Algert Global LLC purchased a new position in Resources Connection during the 4th quarter valued at about $184,000. Institutional investors and hedge funds own 80.94% of the company’s stock.
Shares of Resources Connection, Inc. (NASDAQ:RECN) opened at $16.50 on Wednesday. The firm has a market capitalization of $511.41, a PE ratio of 28.28 and a beta of 1.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.36 and a current ratio of 2.36. Resources Connection, Inc. has a 12-month low of $12.05 and a 12-month high of $17.25.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, February 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.91%. Resources Connection’s dividend payout ratio (DPR) is presently 82.76%.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “strong-buy” rating and set a $18.00 target price for the company in a report on Wednesday, March 7th. JPMorgan Chase & Co. lowered Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 price target on the stock. in a research report on Thursday, January 4th. Finally, BidaskClub raised Resources Connection from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $15.50.
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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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