Resources Connection, Inc. (NASDAQ:RECN) had its price target reduced by Deutsche Bank AG from $14.00 to $12.00 in a research report released on Friday, July 21st. Deutsche Bank AG currently has a sell rating on the business services provider’s stock.
A number of other research analysts have also commented on the company. TheStreet lowered Resources Connection from a b- rating to a c+ rating in a research note on Friday, May 26th. Zacks Investment Research lowered Resources Connection from a hold rating to a sell rating in a research note on Saturday, April 8th. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Resources Connection presently has an average rating of Sell and a consensus target price of $15.50.
Resources Connection (RECN) traded down 0.41% during mid-day trading on Friday, hitting $12.20. 146,807 shares of the stock were exchanged. The stock has a market cap of $364.38 million, a price-to-earnings ratio of 21.79 and a beta of 1.20. Resources Connection has a 52 week low of $12.10 and a 52 week high of $19.80. The company has a 50 day moving average price of $13.48 and a 200 day moving average price of $14.53.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $148.60 million during the quarter, compared to analyst estimates of $148.46 million. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 earnings per share. Analysts expect that Resources Connection will post $0.70 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 24th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.93%. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, August 22nd. Resources Connection’s dividend payout ratio is 80.00%.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Resources Connection by 2.5% in the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock worth $39,727,000 after buying an additional 69,492 shares during the period. Royce & Associates LP boosted its stake in shares of Resources Connection by 15.1% in the second quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after buying an additional 311,900 shares during the period. River Road Asset Management LLC boosted its stake in shares of Resources Connection by 15.8% in the first quarter. River Road Asset Management LLC now owns 1,339,967 shares of the business services provider’s stock worth $22,444,000 after buying an additional 182,830 shares during the period. Palisade Capital Management LLC NJ boosted its stake in shares of Resources Connection by 2.5% in the second quarter. Palisade Capital Management LLC NJ now owns 922,488 shares of the business services provider’s stock worth $12,638,000 after buying an additional 22,225 shares during the period. Finally, State Street Corp boosted its stake in shares of Resources Connection by 4.0% in the second quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock worth $11,912,000 after buying an additional 33,348 shares during the period. Hedge funds and other institutional investors own 84.08% of the company’s 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). 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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