First Mercantile Trust Co. cut its position in shares of Resources Connection Inc. (NASDAQ:RECN) by 3.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,225 shares of the company’s stock after selling 1,225 shares during the period. First Mercantile Trust Co. owned about 0.09% of Resources Connection worth $462,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its stake in shares of Resources Connection by 57.8% in the first quarter. Envestnet Asset Management Inc. now owns 7,195 shares of the company’s stock worth $112,000 after buying an additional 2,634 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock worth $170,000 after buying an additional 6,142 shares during the last quarter. Airain ltd acquired a new stake in shares of Resources Connection during the second quarter worth approximately $193,000. Springbok Capital Management LLC boosted its stake in shares of Resources Connection by 65.2% in the first quarter. Springbok Capital Management LLC now owns 13,300 shares of the company’s stock worth $207,000 after buying an additional 5,248 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Resources Connection during the second quarter worth approximately $240,000. 87.18% of the stock is owned by hedge funds and other institutional investors.
Shares of Resources Connection Inc. (NASDAQ:RECN) opened at 14.71 on Monday. Resources Connection Inc. has a one year low of $12.30 and a one year high of $18.71. The stock has a 50 day moving average of $14.90 and a 200-day moving average of $14.87. The stock has a market capitalization of $533.16 million, a PE ratio of 18.16 and a beta of 1.27.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Thursday, July 14th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Resources Connection had a net margin of 5.09% and a return on equity of 8.86%. The company earned $152.20 million during the quarter. During the same period in the previous year, the company earned $0.21 EPS. Resources Connection’s revenue was up 2.5% on a year-over-year basis. Equities analysts predict that Resources Connection Inc. will post $0.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 24th were given a $0.11 dividend. The ex-dividend date was Monday, August 22nd. This represents a $0.44 annualized dividend and a dividend yield of 2.99%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio is presently 54.32%.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, June 9th. Deutsche Bank AG assumed coverage on shares of Resources Connection in a report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 target price for the company.
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). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
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