Resources Connection, Inc. (NASDAQ:RECN) has earned an average rating of “Hold” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $18.00.
Several brokerages recently weighed in on RECN. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Wednesday. TheStreet upgraded Resources Connection from a “c+” rating to a “b-” rating in a report on Monday, July 2nd. BidaskClub cut Resources Connection from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 30th. Finally, ValuEngine cut Resources Connection from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd.
In related news, CAO John D. Bower sold 7,500 shares of the stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $18.93, for a total transaction of $141,975.00. Following the completion of the sale, the chief accounting officer now directly owns 20,291 shares in the company, valued at approximately $384,108.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anthony Cherbak sold 20,000 shares of the stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $18.59, for a total value of $371,800.00. Following the completion of the sale, the director now owns 33,500 shares of the company’s stock, valued at approximately $622,765. The disclosure for this sale can be found here. Corporate insiders own 9.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RECN. SG Americas Securities LLC purchased a new stake in Resources Connection in the 1st quarter worth approximately $108,000. Prudential Financial Inc. lifted its holdings in Resources Connection by 64.3% in the 1st quarter. Prudential Financial Inc. now owns 120,980 shares of the business services provider’s stock worth $1,959,000 after buying an additional 47,360 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Resources Connection by 5.2% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 386,379 shares of the business services provider’s stock worth $6,260,000 after buying an additional 19,101 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Resources Connection by 103.8% in the 1st quarter. Thrivent Financial for Lutherans now owns 35,576 shares of the business services provider’s stock worth $576,000 after buying an additional 18,122 shares during the period. Finally, Northern Trust Corp lifted its holdings in Resources Connection by 2.2% in the 1st quarter. Northern Trust Corp now owns 389,118 shares of the business services provider’s stock worth $6,305,000 after buying an additional 8,433 shares during the period. Institutional investors and hedge funds own 81.22% of the company’s stock.
Shares of RECN traded down $0.19 during midday trading on Friday, reaching $16.96. The stock had a trading volume of 218,996 shares, compared to its average volume of 155,563. Resources Connection has a 12-month low of $13.20 and a 12-month high of $19.50. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $522.86 million, a P/E ratio of 17.31 and a beta of 1.04.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 3rd. The business services provider reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.07. The company had revenue of $178.60 million during the quarter, compared to analysts’ expectations of $173.60 million. Resources Connection had a return on equity of 10.03% and a net margin of 2.88%. Resources Connection’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. On average, equities research analysts predict that Resources Connection will post 0.8 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Thursday, August 23rd were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, August 22nd. This is a boost from Resources Connection’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 3.07%. Resources Connection’s dividend payout ratio is currently 53.06%.
Resources Connection Company Profile
Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.
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