Resources Connection, Inc. (RECN) Stock Price Up -1%
Resources Connection, Inc. (NASDAQ:RECN) shares rose 1% during trading on Friday . The stock traded as high as $15.90 and last traded at $14.90. Approximately 96,647 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 140,783 shares. The stock had previously closed at $15.05.
RECN has been the subject of several analyst reports. Deutsche Bank AG cut their price target 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. Zacks Investment Research downgraded shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. BidaskClub downgraded shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $15.00 price objective on shares of Resources Connection in a report on Friday, August 25th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Resources Connection has a consensus rating of “Hold” and an average price target of $14.00.
The firm has a 50 day moving average of $12.78 and a 200-day moving average of $13.57. The firm has a market capitalization of $443.52 million, a price-to-earnings ratio of 26.52 and a beta of 1.18.
Resources Connection (NASDAQ:RECN) last released its earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. The firm had revenue of $141.20 million during the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a net margin of 2.60% and a return on equity of 8.14%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. On average, analysts anticipate that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, August 24th were issued a dividend of $0.12 per share. This is a positive change from Resources Connection’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $0.48 dividend on an annualized basis and a yield of 3.23%. Resources Connection’s dividend payout ratio (DPR) is presently 102.13%.
A number of institutional investors and hedge funds have recently made changes to their positions in RECN. Russell Investments Group Ltd. purchased a new position in Resources Connection during the 1st quarter valued at about $116,000. Great West Life Assurance Co. Can increased its position in Resources Connection by 14.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 42,635 shares of the business services provider’s stock valued at $714,000 after purchasing an additional 5,466 shares during the period. State Board of Administration of Florida Retirement System increased its position in Resources Connection by 12.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 37,044 shares of the business services provider’s stock valued at $620,000 after purchasing an additional 3,990 shares during the period. Bank of New York Mellon Corp increased its position in Resources Connection by 3.4% during the 1st quarter. Bank of New York Mellon Corp now owns 562,579 shares of the business services provider’s stock valued at $9,424,000 after purchasing an additional 18,428 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in Resources Connection by 1.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock valued at $143,000 after purchasing an additional 104 shares during the period. Institutional investors own 82.11% of the company’s stock.
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). 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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