Resources Connection (RECN) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $18.00 price target on the business services provider’s stock.
According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “
Other equities research analysts have also issued research reports about the stock. TheStreet raised shares of Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. BidaskClub lowered shares of Resources Connection from a buy rating to a hold rating in a report on Tuesday, December 12th. Robert W. Baird reissued a hold rating and issued a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. Deutsche Bank reissued a sell rating and issued a $13.00 price target (up previously from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Finally, JPMorgan Chase & Co. lowered shares of Resources Connection from a neutral rating to an underweight rating and set a $16.00 price target for the company. in a report on Thursday, January 4th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Resources Connection currently has an average rating of Hold and an average price target of $15.50.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.20 by $0.05. The company had revenue of $156.70 million during the quarter, compared to analyst estimates of $152.91 million. Resources Connection had a net margin of 2.98% and a return on equity of 8.25%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. research analysts predict that Resources Connection will post 0.83 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date was Wednesday, November 15th. Resources Connection’s payout ratio is 82.76%.
Several institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its holdings in shares of Resources Connection by 1.5% during the second quarter. Wells Fargo & Company MN now owns 25,126 shares of the business services provider’s stock worth $343,000 after buying an additional 380 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of Resources Connection by 0.7% during the second quarter. Teachers Advisors LLC now owns 57,908 shares of the business services provider’s stock worth $793,000 after buying an additional 387 shares in the last quarter. AHL Partners LLP grew its holdings in shares of Resources Connection by 8.7% during the second quarter. AHL Partners LLP now owns 15,851 shares of the business services provider’s stock worth $217,000 after buying an additional 1,262 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Resources Connection by 0.9% during the second quarter. California Public Employees Retirement System now owns 165,085 shares of the business services provider’s stock worth $2,262,000 after buying an additional 1,500 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of Resources Connection by 10.2% during the second quarter. Voya Investment Management LLC now owns 20,647 shares of the business services provider’s stock worth $283,000 after buying an additional 1,917 shares in the last quarter. 80.99% of the stock is owned by institutional investors and hedge funds.
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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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