Short Interest in Resources Connection Inc. (RECN) Increases By 56.7%
Resources Connection Inc. (NASDAQ:RECN) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 1,097,325 shares, an increase of 56.7% from the October 31st total of 700,310 shares. Based on an average trading volume of 331,584 shares, the short-interest ratio is currently 3.3 days. Approximately 3.2% of the shares of the company are short sold.
Several equities research analysts have recently issued reports on the stock. Deutsche Bank AG assumed coverage on shares of Resources Connection in a research note on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price objective on the stock. JPMorgan Chase & Co. restated a “hold” rating on shares of Resources Connection in a research note on Thursday, October 6th. Robert W. Baird downgraded shares of Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 6th. Finally, Zacks Investment Research upgraded shares of Resources Connection from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th.
Institutional investors have recently added to or reduced their stakes in the company. Walleye Trading LLC boosted its stake in shares of Resources Connection by 136.7% in the second quarter. Walleye Trading LLC now owns 7,100 shares of the company’s stock worth $105,000 after buying an additional 4,100 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Resources Connection during the third quarter worth about $107,000. Mason Street Advisors LLC bought a new stake in shares of Resources Connection during the second quarter worth about $106,000. BlackRock Inc. boosted its stake in shares of Resources Connection by 223.8% in the second quarter. BlackRock Inc. now owns 9,357 shares of the company’s stock worth $139,000 after buying an additional 6,467 shares in the last quarter. Finally, HBK Investments L P bought a new stake in shares of Resources Connection during the third quarter worth about $159,000. 85.69% of the stock is owned by hedge funds and other institutional investors.
Shares of Resources Connection (NASDAQ:RECN) opened at 16.30 on Tuesday. The firm’s 50-day moving average is $14.92 and its 200-day moving average is $14.91. The firm has a market cap of $589.54 million, a P/E ratio of 21.14 and a beta of 1.31. Resources Connection has a 1-year low of $12.30 and a 1-year high of $18.71.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates 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 had revenue of $143.40 million for the quarter. During the same period in the prior year, the business posted $0.19 earnings per share. The firm’s revenue was down 3.3% on a year-over-year basis. On average, analysts anticipate that Resources Connection will post $0.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, November 17th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Tuesday, November 15th. Resources Connection’s dividend payout ratio (DPR) is currently 57.14%.
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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.
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