Resources Connection, Inc. (RECN) Receives $12.00 Consensus Price Target from Analysts
Resources Connection, Inc. (NASDAQ:RECN) has been given an average recommendation of “Sell” by the six ratings firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation and two have assigned a hold recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $12.00.
A number of brokerages have weighed in on RECN. BidaskClub lowered Resources Connection from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Zacks Investment Research lowered Resources Connection from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Deutsche Bank AG decreased their target price on Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a research report on Friday, July 21st. Finally, TheStreet lowered Resources Connection from a “b-” rating to a “c+” rating in a research report on Friday, May 26th.
Shares of Resources Connection (NASDAQ RECN) opened at 12.30 on Friday. The stock’s 50 day moving average is $13.25 and its 200 day moving average is $14.34. The firm has a market cap of $367.36 million, a P/E ratio of 21.96 and a beta of 1.20. Resources Connection has a 12 month low of $12.05 and a 12 month high of $19.80.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. The firm had revenue of $148.60 million for the quarter, compared to the consensus estimate of $148.46 million. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.23 earnings per share. Equities research analysts expect that Resources Connection will post $0.70 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. Resources Connection’s dividend payout ratio (DPR) is currently 87.27%.
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Several hedge funds and other institutional investors have recently made changes to their positions in RECN. Royce & Associates LP increased its position in shares of Resources Connection by 15.1% in the second quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after buying an additional 311,900 shares in the last quarter. Brandes Investment Partners LP increased its position in shares of Resources Connection by 51.2% in the second quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock worth $4,994,000 after buying an additional 123,466 shares in the last quarter. Morgan Stanley increased its position in shares of Resources Connection by 27.2% in the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after buying an additional 83,386 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Resources Connection by 50.1% in the second quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock worth $3,195,000 after buying an additional 77,780 shares in the last quarter. Finally, AXA bought a new position in shares of Resources Connection during the second quarter worth about $1,062,000. Institutional investors and hedge funds own 82.19% 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). 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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