Goldman Sachs Group Inc. Reduces Stake in Resources Connection, Inc. (RECN)
Goldman Sachs Group Inc. reduced its position in Resources Connection, Inc. (NASDAQ:RECN) by 14.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,753 shares of the business services provider’s stock after selling 11,243 shares during the period. Goldman Sachs Group Inc. owned approximately 0.22% of Resources Connection worth $887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in RECN. Royce & Associates LP boosted its stake in shares of Resources Connection by 15.1% in the 2nd 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 during the last quarter. Brandes Investment Partners LP lifted its position in Resources Connection by 51.2% during the second quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock valued at $4,994,000 after purchasing an additional 123,466 shares in the last quarter. Morgan Stanley lifted its position in Resources Connection by 27.2% during the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock valued at $6,527,000 after purchasing an additional 83,386 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Resources Connection by 50.1% during the second quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock valued at $3,195,000 after purchasing an additional 77,780 shares in the last quarter. Finally, AXA purchased a new position in Resources Connection during the second quarter valued at $1,062,000. Hedge funds and other institutional investors own 82.30% of the company’s stock.
Resources Connection, Inc. (NASDAQ:RECN) opened at $15.55 on Wednesday. The firm has a market capitalization of $476.02, a price-to-earnings ratio of 26.78 and a beta of 1.19. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.20. Resources Connection, Inc. has a 52-week low of $12.05 and a 52-week high of $19.80.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, October 4th. The business services provider reported $0.12 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The business had revenue of $141.20 million for the quarter, compared to the consensus estimate of $140.29 million. During the same period in the previous year, the business earned $0.15 earnings per share. The business’s revenue was down 1.5% on a year-over-year basis. equities analysts anticipate that Resources Connection, Inc. will post 0.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 3.09%. Resources Connection’s payout ratio is 102.13%.
Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded Resources Connection from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. BidaskClub downgraded Resources Connection from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Robert W. Baird reiterated a “hold” rating and set a $15.00 target price on shares of Resources Connection in a research report on Friday, October 6th. Finally, Deutsche Bank AG lowered their target price on Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a research report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $15.00.
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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