Resources Connection, Inc. (RECN) Holdings Lifted by Vanguard Group Inc.
Vanguard Group Inc. grew its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 2.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,899,783 shares of the business services provider’s stock after purchasing an additional 69,492 shares during the quarter. Vanguard Group Inc. owned approximately 9.71% of Resources Connection worth $39,727,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Royce & Associates LP lifted its stake in shares of Resources Connection by 15.1% during the 2nd quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after purchasing an additional 311,900 shares during the period. Palisade Capital Management LLC NJ raised its position in shares of Resources Connection by 2.5% in the 2nd quarter. Palisade Capital Management LLC NJ now owns 922,488 shares of the business services provider’s stock worth $12,638,000 after buying an additional 22,225 shares during the period. Morgan Stanley raised its position in shares of Resources Connection by 27.2% in the 1st 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 during the period. Brandes Investment Partners LP raised its position in shares of Resources Connection by 51.2% in the 2nd 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 during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Resources Connection by 9.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 316,795 shares of the business services provider’s stock worth $4,341,000 after buying an additional 27,113 shares during the period. 82.30% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on RECN shares. Robert W. Baird reaffirmed a “hold” rating and issued a $15.00 target price on shares of Resources Connection in a research report on Friday, August 25th. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a research report on Thursday, September 21st. Deutsche Bank AG cut 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. Finally, BidaskClub lowered Resources Connection from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Resources Connection currently has an average rating of “Hold” and a consensus target price of $15.00.
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Resources Connection, Inc. (NASDAQ:RECN) opened at $15.55 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82. The firm has a market capitalization of $476.02, a price-to-earnings ratio of 26.78 and a beta of 1.19. Resources Connection, Inc. 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 for the quarter, hitting the 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 analyst estimates of $140.29 million. During the same period last year, the company posted $0.15 EPS. The business’s quarterly revenue was down 1.5% on a year-over-year basis. analysts predict that Resources Connection, Inc. will post 0.67 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 16th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.48 annualized dividend and a yield of 3.09%. Resources Connection’s dividend payout ratio is currently 102.13%.
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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