JPMorgan Chase & Co. increased its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 50.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 233,161 shares of the business services provider’s stock after acquiring an additional 77,780 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.78% of Resources Connection worth $3,195,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Brandes Investment Partners LP lifted its holdings in Resources Connection by 51.2% during the second quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock worth $4,994,000 after acquiring an additional 123,466 shares during the period. Prudential Financial Inc. lifted its holdings in Resources Connection by 3.3% during the second quarter. Prudential Financial Inc. now owns 62,488 shares of the business services provider’s stock worth $856,000 after acquiring an additional 1,970 shares during the period. Royce & Associates LP lifted its holdings in Resources Connection by 15.1% during the second quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after acquiring an additional 311,900 shares during the period. KBC Group NV lifted its holdings in Resources Connection by 4.0% during the second quarter. KBC Group NV now owns 40,153 shares of the business services provider’s stock worth $550,000 after acquiring an additional 1,560 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its holdings in Resources Connection by 44.0% during the second quarter. BNP Paribas Arbitrage SA now owns 12,303 shares of the business services provider’s stock worth $169,000 after acquiring an additional 3,761 shares during the period. Institutional investors and hedge funds own 82.11% of the company’s stock.
Shares of Resources Connection, Inc. (RECN) opened at 14.90 on Wednesday. The firm has a 50 day moving average price of $13.00 and a 200 day moving average price of $13.50. Resources Connection, Inc. has a 52 week low of $12.05 and a 52 week high of $19.80. The company has a market capitalization of $445.02 million, a price-to-earnings ratio of 26.61 and a beta of 1.18.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 4th. The business services provider reported $0.12 EPS for the quarter, meeting the consensus estimate of $0.12. The business had revenue of $141.20 million for the quarter, compared to the consensus estimate of $140.29 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same period last year, the business posted $0.15 EPS. Equities analysts forecast that Resources Connection, Inc. will post $0.69 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.22%. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. The ex-dividend date was Tuesday, August 22nd. Resources Connection’s dividend payout ratio is presently 102.13%.
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A number of analysts recently commented on the company. Zacks Investment Research upgraded Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, September 21st. Deutsche Bank AG dropped their price target on Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a report on Friday, July 21st. BidaskClub lowered Resources Connection from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Finally, Robert W. Baird reiterated a “hold” rating and set a $15.00 price target on shares of Resources Connection in a report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $15.00.
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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