Teachers Retirement System of The State of Kentucky held its stake in shares of Resources Connection, Inc. (NASDAQ:RECN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,676 shares of the business services provider’s stock at the end of the first quarter. Teachers Retirement System of The State of Kentucky’s holdings in Resources Connection were worth $212,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of Resources Connection by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 562,579 shares of the business services provider’s stock valued at $9,424,000 after buying an additional 18,428 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Resources Connection by 12.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 37,044 shares of the business services provider’s stock valued at $620,000 after buying an additional 3,990 shares during the last quarter. LSV Asset Management acquired a new stake in shares of Resources Connection during the first quarter valued at $299,000. Great West Life Assurance Co. Can increased its stake in shares of Resources Connection by 14.7% in the first quarter. Great West Life Assurance Co. Can now owns 42,635 shares of the business services provider’s stock valued at $714,000 after buying an additional 5,466 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. increased its stake in shares of Resources Connection by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 65,600 shares of the business services provider’s stock valued at $1,099,000 after buying an additional 1,800 shares during the last quarter. 83.52% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Resources Connection, Inc. (RECN) traded down 1.15% during midday trading on Friday, reaching $12.95. 183,448 shares of the company traded hands. Resources Connection, Inc. has a 12 month low of $12.41 and a 12 month high of $19.80. The stock has a market capitalization of $386.78 million, a price-to-earnings ratio of 23.12 and a beta of 1.20. The company’s 50 day moving average is $13.61 and its 200-day moving average is $14.66.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $148.60 million during the quarter, compared to the consensus estimate of $148.46 million. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. Equities research analysts forecast that Resources Connection, Inc. will post $0.70 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 24th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Tuesday, August 22nd. This is a positive change from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s payout ratio is 80.00%.
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Several equities research analysts recently weighed in on the stock. Deutsche Bank AG cut their target price on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a research note on Friday, July 21st. BidaskClub downgraded shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet downgraded shares of Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Resources Connection currently has an average rating of “Sell” and an average target price of $15.50.
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). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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