Resources Connection Inc. (RECN) Cut to “Neutral” at Robert W. Baird
Resources Connection Inc. (NASDAQ:RECN) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report issued on Thursday.
A number of other research analysts have also issued reports on RECN. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, June 9th. Deutsche Bank AG assumed coverage on Resources Connection in a report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 target price on the stock.
Shares of Resources Connection (NASDAQ:RECN) opened at 14.97 on Thursday. The company has a market cap of $542.59 million, a PE ratio of 18.48 and a beta of 1.31. Resources Connection has a 12 month low of $12.30 and a 12 month high of $18.71. The company has a 50-day moving average of $14.81 and a 200 day moving average of $14.88.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 5th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by $0.01. The firm had revenue of $143.40 million for the quarter. Resources Connection had a return on equity of 8.86% and a net margin of 5.09%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 earnings per share. On average, analysts anticipate that Resources Connection will post $0.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were paid a $0.11 dividend. The ex-dividend date of this dividend was Monday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.94%. Resources Connection’s payout ratio is 54.32%.
Several hedge funds have recently bought and sold shares of RECN. Strs Ohio increased its stake in Resources Connection by 4.1% in the second quarter. Strs Ohio now owns 48,400 shares of the company’s stock worth $715,000 after buying an additional 1,900 shares during the period. Stoneridge Investment Partners LLC acquired a new stake in Resources Connection during the second quarter worth $350,000. Bank of Montreal Can acquired a new stake in Resources Connection during the second quarter worth $240,000. BNP Paribas Arbitrage SA increased its stake in Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock worth $170,000 after buying an additional 6,142 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in Resources Connection by 9.9% in the first quarter. Panagora Asset Management Inc. now owns 418,619 shares of the company’s stock worth $6,514,000 after buying an additional 37,742 shares during the period. Hedge funds and other institutional investors own 87.39% of the company’s stock.
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). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
Receive News & Stock Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related stocks with our FREE daily email newsletter.