Resources Connection Inc. (RECN) To Go Ex-Dividend on November 15th
Resources Connection Inc. (NASDAQ:RECN) declared a quarterly dividend on Wednesday, October 26th. Stockholders of record on Thursday, November 17th will be paid a dividend of 0.11 per share on Thursday, December 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Tuesday, November 15th.
Resources Connection (NASDAQ:RECN) opened at 15.70 on Monday. The firm has a market cap of $567.84 million, a price-to-earnings ratio of 20.36 and a beta of 1.31. Resources Connection has a one year low of $12.30 and a one year high of $18.71. The stock’s 50 day moving average is $14.40 and its 200-day moving average is $14.81.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Resources Connection had a return on equity of 8.42% and a net margin of 4.88%. The firm earned $143.40 million during the quarter. During the same quarter in the previous year, the company earned $0.19 EPS. Resources Connection’s quarterly revenue was down 3.3% on a year-over-year basis. On average, equities research analysts expect that Resources Connection will post $0.75 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its position in Resources Connection by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,401,325 shares of the company’s stock valued at $35,492,000 after buying an additional 21,719 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Resources Connection by 0.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 936,409 shares of the company’s stock valued at $13,990,000 after buying an additional 6,278 shares in the last quarter. Panagora Asset Management Inc. raised its position in Resources Connection by 6.4% in the second quarter. Panagora Asset Management Inc. now owns 445,456 shares of the company’s stock valued at $6,584,000 after buying an additional 26,837 shares in the last quarter. Morgan Stanley raised its position in Resources Connection by 845.7% in the third quarter. Morgan Stanley now owns 303,649 shares of the company’s stock valued at $4,536,000 after buying an additional 271,539 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Resources Connection by 1.9% in the third quarter. Principal Financial Group Inc. now owns 264,878 shares of the company’s stock valued at $3,957,000 after buying an additional 4,981 shares in the last quarter. 87.21% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have issued reports on RECN shares. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Deutsche Bank AG initiated coverage on shares of Resources Connection in a report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price target on the stock. Robert W. Baird lowered shares of Resources Connection from an “outperform” rating to a “neutral” rating in a report on Thursday, October 6th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Resources Connection in a report on Thursday, October 6th.
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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