Resources Connection, Inc. (RECN) Expected to Announce Quarterly Sales of $173.59 Million
Equities research analysts forecast that Resources Connection, Inc. (NASDAQ:RECN) will report $173.59 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Resources Connection’s earnings, with the lowest sales estimate coming in at $173.19 million and the highest estimate coming in at $173.98 million. Resources Connection posted sales of $141.19 million in the same quarter last year, which would indicate a positive year over year growth rate of 22.9%. The company is expected to announce its next quarterly earnings results on Wednesday, October 3rd.
According to Zacks, analysts expect that Resources Connection will report full-year sales of $728.79 million for the current fiscal year, with estimates ranging from $728.58 million to $729.00 million. For the next fiscal year, analysts anticipate that the business will post sales of $756.46 million per share, with estimates ranging from $750.44 million to $762.47 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Resources Connection.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, July 18th. The business services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). Resources Connection had a net margin of 2.88% and a return on equity of 10.03%. The company had revenue of $184.00 million during the quarter, compared to analysts’ expectations of $180.05 million. During the same quarter in the prior year, the company earned $0.20 earnings per share. The firm’s revenue was up 23.5% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Resources Connection by 5.9% during the second quarter. BlackRock Inc. now owns 4,299,275 shares of the business services provider’s stock worth $72,657,000 after buying an additional 239,567 shares during the period. Dimensional Fund Advisors LP lifted its position in Resources Connection by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,540,337 shares of the business services provider’s stock worth $42,932,000 after buying an additional 8,244 shares during the period. Northern Trust Corp lifted its position in Resources Connection by 2.2% during the first quarter. Northern Trust Corp now owns 389,118 shares of the business services provider’s stock worth $6,305,000 after buying an additional 8,433 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Resources Connection by 5.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 386,379 shares of the business services provider’s stock worth $6,260,000 after buying an additional 19,101 shares during the period. Finally, Deprince Race & Zollo Inc. lifted its position in Resources Connection by 40.9% during the second quarter. Deprince Race & Zollo Inc. now owns 381,409 shares of the business services provider’s stock worth $6,446,000 after buying an additional 110,687 shares during the period. Hedge funds and other institutional investors own 80.13% of the company’s stock.
Shares of NASDAQ:RECN traded up $0.20 on Friday, hitting $16.55. The company had a trading volume of 227,500 shares, compared to its average volume of 145,405. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.23. Resources Connection has a 52-week low of $12.20 and a 52-week high of $17.95. The company has a market capitalization of $520.34 million, a P/E ratio of 16.76 and a beta of 1.07.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 20th. Investors of record on Thursday, August 23rd will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 3.14%. Resources Connection’s dividend payout ratio is 53.06%.
Resources Connection Company Profile
Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.
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