Resources Connection Inc. (NASDAQ:RECN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services. “
A number of other brokerages have also recently issued reports on RECN. Deutsche Bank AG began coverage on Resources Connection in a research note on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price objective on the stock. Robert W. Baird cut Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. restated a “hold” rating on shares of Resources Connection in a research note on Thursday.
Shares of Resources Connection (NASDAQ:RECN) opened at 13.00 on Friday. The firm has a market capitalization of $471.19 million, a P/E ratio of 16.05 and a beta of 1.31. Resources Connection has a 1-year low of $12.30 and a 1-year high of $18.71. The stock has a 50 day moving average of $14.68 and a 200-day moving average of $14.85.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. The firm earned $143.40 million during the quarter. During the same quarter in the prior year, the company earned $0.19 EPS. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts expect that Resources Connection will post $0.82 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 24th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, August 22nd. This is a boost from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a dividend yield of 3.38%. Resources Connection’s dividend payout ratio is currently 57.14%.
Several large investors have recently made changes to their positions in the stock. Mason Street Advisors LLC bought a new stake in shares of Resources Connection during the second quarter valued at $106,000. Schwab Charles Investment Management Inc. boosted its stake in shares of Resources Connection by 1.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 243,418 shares of the company’s stock valued at $3,598,000 after buying an additional 3,679 shares in the last quarter. AHL Partners LLP boosted its stake in shares of Resources Connection by 84.5% in the second quarter. AHL Partners LLP now owns 21,755 shares of the company’s stock valued at $322,000 after buying an additional 9,961 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Resources Connection by 6.4% in the second quarter. Panagora Asset Management Inc. now owns 445,456 shares of the company’s stock valued at $6,584,000 after buying an additional 26,837 shares in the last quarter. Finally, Walleye Trading LLC boosted its stake in shares of Resources Connection by 136.7% in the second quarter. Walleye Trading LLC now owns 7,100 shares of the company’s stock valued at $105,000 after buying an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors own 87.39% of the company’s stock.
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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