California State Teachers Retirement System reduced its position in shares of Resources Connection Inc. (NASDAQ:RECN) by 6.1% during the second quarter, Holdings Channel reports. The fund owned 74,741 shares of the company’s stock after selling 4,831 shares during the period. California State Teachers Retirement System owned approximately 0.21% of Resources Connection worth $1,105,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of RECN. Norges Bank purchased a new stake in shares of Resources Connection during the fourth quarter worth approximately $8,547,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Resources Connection during the second quarter worth approximately $5,468,000. Palisade Capital Management LLC NJ raised its stake in shares of Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock worth $11,927,000 after buying an additional 124,910 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Resources Connection by 29.4% in the first quarter. TIAA CREF Investment Management LLC now owns 223,422 shares of the company’s stock worth $3,476,000 after buying an additional 50,767 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new stake in shares of Resources Connection during the first quarter worth approximately $733,000. 87.18% of the stock is owned by institutional investors and hedge funds.
Shares of Resources Connection Inc. (NASDAQ:RECN) remained flat at $14.71 during mid-day trading on Friday. The company had a trading volume of 97,579 shares. The firm’s 50 day moving average price is $14.90 and its 200-day moving average price is $14.87. Resources Connection Inc. has a 1-year low of $12.30 and a 1-year high of $18.71. The stock has a market cap of $533.16 million, a P/E ratio of 18.16 and a beta of 1.27.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Thursday, July 14th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.02. Resources Connection had a return on equity of 8.86% and a net margin of 5.09%. The firm had revenue of $152.20 million for the quarter. During the same period last year, the business posted $0.21 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities research analysts forecast that Resources Connection Inc. will post $0.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 24th were issued a dividend of $0.11 per share. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Monday, August 22nd. Resources Connection’s dividend payout ratio is currently 54.32%.
A number of analysts recently commented on RECN shares. Deutsche Bank AG started coverage on Resources Connection in a research report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 target price for the company. Zacks Investment Research lowered Resources Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th.
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). 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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