Resources Connection’s (RECN) Hold Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their hold rating on shares of Resources Connection Inc. (NASDAQ:RECN) in a research report released on Thursday morning.

RECN has been the topic of a number of other research reports. Zacks Investment Research lowered Resources Connection from a hold rating to a sell rating in a report on Tuesday, July 19th. Robert W. Baird lowered Resources Connection from an outperform rating to a neutral rating in a report on Thursday, October 6th. Finally, Deutsche Bank AG initiated coverage on Resources Connection in a report on Wednesday, August 17th. They issued a sell rating and a $13.00 target price on the stock.

Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. Resources Connection had a return on equity of 8.42% and a net margin of 4.88%. The business had revenue of $143.40 million for the quarter. During the same quarter in the previous year, the company earned $0.19 earnings per share. Resources Connection’s revenue for the quarter was down 3.3% compared to the same quarter last year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a $0.11 dividend. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. This represents a $0.44 annualized dividend and a yield of 3.33%. Resources Connection’s dividend payout ratio is 57.14%.

A number of hedge funds have recently bought and sold shares of RECN. BlackRock Fund Advisors raised its stake in Resources Connection by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,401,325 shares of the company’s stock valued at $35,492,000 after buying an additional 21,719 shares during the period. Dimensional Fund Advisors LP raised its stake in Resources Connection by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,234,699 shares of the company’s stock valued at $33,028,000 after buying an additional 73,131 shares during the period. Royce & Associates LP raised its stake in Resources Connection by 200.8% in the second quarter. Royce & Associates LP now owns 2,230,539 shares of the company’s stock valued at $32,967,000 after buying an additional 1,489,000 shares during the period. Palisade Capital Management LLC NJ raised its stake in Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock valued at $11,927,000 after buying an additional 124,910 shares during the period. Finally, Norges Bank purchased a new stake in Resources Connection during the fourth quarter valued at $8,547,000. 87.39% of the stock is currently owned by institutional investors.

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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