Zacks: Analysts Anticipate Resources Connection, Inc. (RECN) Will Announce Quarterly Sales of $185.05 Million
Wall Street analysts expect Resources Connection, Inc. (NASDAQ:RECN) to post sales of $185.05 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Resources Connection’s earnings. The highest sales estimate is $185.10 million and the lowest is $184.99 million. Resources Connection posted sales of $156.74 million during the same quarter last year, which would suggest a positive year over year growth rate of 18.1%. The firm is expected to announce its next earnings report on Wednesday, January 2nd.
On average, analysts expect that Resources Connection will report full-year sales of $738.28 million for the current fiscal year, with estimates ranging from $737.58 million to $738.98 million. For the next financial year, analysts expect that the company will post sales of $766.29 million, with estimates ranging from $759.70 million to $772.88 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Resources Connection.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Wednesday, October 3rd. The business services provider reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.07. Resources Connection had a return on equity of 10.03% and a net margin of 2.88%. The business had revenue of $178.60 million during the quarter, compared to analyst estimates of $173.60 million. During the same quarter in the prior year, the business posted $0.12 EPS. Resources Connection’s revenue for the quarter was up 26.5% compared to the same quarter last year.
Shares of RECN stock opened at $16.96 on Friday. Resources Connection has a 52-week low of $13.20 and a 52-week high of $19.50. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $522.86 million, a price-to-earnings ratio of 17.59 and a beta of 1.04.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, August 23rd were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Wednesday, August 22nd. This is a positive change from Resources Connection’s previous quarterly dividend of $0.12. Resources Connection’s dividend payout ratio is presently 53.06%.
In other news, CAO John D. Bower sold 7,500 shares of the firm’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $18.93, for a total transaction of $141,975.00. Following the completion of the transaction, the chief accounting officer now owns 20,291 shares in the company, valued at $384,108.63. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anthony Cherbak sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 4th. The shares were sold at an average price of $18.59, for a total value of $371,800.00. Following the transaction, the director now owns 33,500 shares of the company’s stock, valued at approximately $622,765. The disclosure for this sale can be found here. Corporate insiders own 9.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Northern Trust Corp grew its position in shares of Resources Connection by 0.8% during the second quarter. Northern Trust Corp now owns 392,222 shares of the business services provider’s stock valued at $6,629,000 after purchasing an additional 3,104 shares in the last quarter. Millennium Management LLC grew its position in shares of Resources Connection by 940.0% during the second quarter. Millennium Management LLC now owns 296,765 shares of the business services provider’s stock valued at $5,015,000 after purchasing an additional 268,229 shares in the last quarter. Raymond James & Associates grew its position in shares of Resources Connection by 6.3% during the second quarter. Raymond James & Associates now owns 79,358 shares of the business services provider’s stock valued at $1,341,000 after purchasing an additional 4,710 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Resources Connection by 96.1% during the second quarter. Renaissance Technologies LLC now owns 67,842 shares of the business services provider’s stock valued at $1,147,000 after purchasing an additional 33,242 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of Resources Connection during the second quarter valued at about $1,464,000. Hedge funds and other institutional investors own 81.22% of the company’s stock.
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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