Resources Connection, Inc. (RECN) Rating Increased to Buy at Zacks Investment Research
Resources Connection, Inc. (NASDAQ:RECN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage presently has a $17.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.48% from the stock’s previous close.
According to Zacks, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services. “
A number of other brokerages have also issued reports on RECN. Deutsche Bank AG restated a “sell” rating and issued a $13.00 target price (up previously from $12.00) on shares of Resources Connection in a research note on Friday. Robert W. Baird restated a “hold” rating and issued a $15.00 target price on shares of Resources Connection in a research note on Friday. Finally, BidaskClub lowered Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. Resources Connection currently has a consensus rating of “Hold” and a consensus target price of $15.00.
Shares of Resources Connection (NASDAQ RECN) opened at 14.85 on Friday. The company’s 50-day moving average price is $12.86 and its 200-day moving average price is $13.56. The stock has a market cap of $443.52 million, a PE ratio of 26.52 and a beta of 1.18. Resources Connection has a 52-week low of $12.05 and a 52-week high of $19.80.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.12. The company had revenue of $141.20 million during the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS. On average, equities research analysts forecast that Resources Connection will post $0.69 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AXA purchased a new position in shares of Resources Connection during the 2nd quarter valued at about $1,062,000. Citadel Advisors LLC raised its stake in shares of Resources Connection by 60.8% during the 1st quarter. Citadel Advisors LLC now owns 98,192 shares of the business services provider’s stock valued at $1,644,000 after buying an additional 37,137 shares during the last quarter. Brandes Investment Partners LP raised its stake in shares of Resources Connection by 51.2% during the 2nd quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock valued at $4,994,000 after buying an additional 123,466 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Resources Connection by 1.4% during the 1st quarter. California Public Employees Retirement System now owns 163,585 shares of the business services provider’s stock valued at $2,740,000 after buying an additional 2,300 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. raised its stake in shares of Resources Connection by 8.2% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 52,140 shares of the business services provider’s stock valued at $714,000 after buying an additional 3,955 shares during the last quarter. Institutional investors and hedge funds own 82.11% 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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