Resources Connection, Inc. (RECN) Position Raised by Morgan Stanley
Morgan Stanley boosted its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 27.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 389,642 shares of the business services provider’s stock after buying an additional 83,386 shares during the period. Morgan Stanley’s holdings in Resources Connection were worth $6,527,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RECN. Russell Investments Group Ltd. purchased a new position in Resources Connection during the first quarter worth $116,000. Mason Street Advisors LLC boosted its position in Resources Connection by 7.7% in the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock worth $116,000 after buying an additional 499 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Resources Connection by 1.2% in the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock worth $143,000 after buying an additional 104 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock worth $203,000 after buying an additional 200 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Resources Connection by 2.0% in the first quarter. Arizona State Retirement System now owns 15,495 shares of the business services provider’s stock worth $260,000 after buying an additional 300 shares during the last quarter. 83.42% of the stock is owned by institutional investors.
Resources Connection, Inc. (NASDAQ:RECN) traded up 0.898% on Friday, reaching $13.369. 7,255 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $13.67 and a 200-day moving average price of $14.84. Resources Connection, Inc. has a 1-year low of $12.41 and a 1-year high of $19.80. The company has a market capitalization of $399.29 million, a P/E ratio of 23.873 and a beta of 1.20.
Resources Connection (NASDAQ:RECN) last released its earnings results on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The firm had revenue of $148.60 million during the quarter, compared to analyst estimates of $148.46 million. During the same quarter last year, the business posted $0.23 EPS. The firm’s revenue was down 2.6% on a year-over-year basis. Equities research analysts expect that Resources Connection, Inc. will post $0.70 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Tuesday, August 22nd. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s dividend payout ratio (DPR) is 80.00%.
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A number of research firms have weighed in on RECN. BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Deutsche Bank AG cut their price objective on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a report on Friday, July 21st. Finally, TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a report on Friday, May 26th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Resources Connection has an average rating of “Sell” and a consensus target price of $15.50.
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). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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