Victory Capital Management Inc. cut its position in Resources Connection Inc. (NASDAQ:RECN) by 34.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 35,275 shares of the company’s stock after selling 18,580 shares during the period. Victory Capital Management Inc. owned 0.10% of Resources Connection worth $522,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the company. Springbok Capital Management LLC boosted its stake in 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in Resources Connection by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 287,890 shares of the company’s stock worth $4,479,000 after buying an additional 28,946 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of Resources Connection during the first quarter valued at about $733,000. Alambic Investment Management L.P. boosted its stake in shares of Resources Connection by 37.7% in the second quarter. Alambic Investment Management L.P. now owns 76,623 shares of the company’s stock valued at $1,132,000 after buying an additional 20,983 shares during the period. Finally, Brandes Investment Partners LP boosted its stake in shares of Resources Connection by 45.1% in the second quarter. Brandes Investment Partners LP now owns 135,628 shares of the company’s stock valued at $2,005,000 after buying an additional 42,188 shares during the period. 87.39% of the stock is currently owned by institutional investors.
Shares of Resources Connection Inc. (NASDAQ:RECN) traded up 2.83% during midday trading on Friday, hitting $14.88. The stock had a trading volume of 128,214 shares. The stock has a market cap of $539.33 million, a PE ratio of 18.37 and a beta of 1.27. Resources Connection Inc. has a 52-week low of $12.30 and a 52-week high of $18.71. The firm has a 50 day moving average price of $14.85 and a 200-day moving average price of $14.87.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Thursday, July 14th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $152.20 million for the quarter. Resources Connection had a net margin of 5.09% and a return on equity of 8.86%. Resources Connection’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm earned $0.21 earnings per share. Equities analysts predict that Resources Connection Inc. will post $0.82 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.04%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. Resources Connection’s dividend payout ratio is presently 54.32%.
RECN has been the topic of several research reports. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, June 9th. 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.
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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