Resources Connection Inc. (RECN) Stock Rating Reaffirmed by JPMorgan Chase & Co.
Resources Connection Inc. (NASDAQ:RECN)‘s stock had its “hold” rating reissued by equities researchers at JPMorgan Chase & Co. in a report released on Thursday.
Several other equities analysts also recently issued reports on RECN. Zacks Investment Research downgraded Resources Connection from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Robert W. Baird downgraded Resources Connection from an “outperform” rating to a “neutral” rating in a research report on Thursday. Finally, Deutsche Bank AG initiated coverage on Resources Connection in a research report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price objective for the company.
Shares of Resources Connection (NASDAQ:RECN) traded down 11.530% during midday trading on Thursday, reaching $13.244. The company’s stock had a trading volume of 501,433 shares. Resources Connection has a 52-week low of $12.30 and a 52-week high of $18.71. The company has a market capitalization of $480.03 million, a price-to-earnings ratio of 16.351 and a beta of 1.31. The stock has a 50 day moving average price of $14.81 and a 200-day moving average price of $14.88.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, October 5th. The company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. The company earned $143.40 million during the quarter. Resources Connection had a net margin of 5.09% and a return on equity of 8.86%. Resources Connection’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.19 earnings per share. Equities research analysts expect that Resources Connection will post $0.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were given a $0.11 dividend. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. This represents a $0.44 annualized dividend and a yield of 2.94%. Resources Connection’s payout ratio is presently 54.32%.
Large investors have recently added to or reduced their stakes in the company. Royce & Associates LP increased its stake in Resources Connection by 200.8% in the second quarter. Royce & Associates LP now owns 2,230,539 shares of the company’s stock worth $32,967,000 after buying an additional 1,489,000 shares during the last quarter. Norges Bank purchased a new stake in Resources Connection during the fourth quarter worth $8,547,000. Deprince Race & Zollo Inc. purchased a new stake in Resources Connection during the second quarter worth $5,468,000. Palisade Capital Management LLC NJ increased its stake in Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock worth $11,927,000 after buying an additional 124,910 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Resources Connection by 42.5% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 349,654 shares of the company’s stock worth $5,167,000 after buying an additional 104,281 shares during the last quarter. Institutional investors own 87.39% of the company’s stock.
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). 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.
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