Principal Financial Group Inc. Trims Position in Resources Connection, Inc. (RECN)

Principal Financial Group Inc. decreased its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 4.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 222,395 shares of the business services provider’s stock after selling 11,567 shares during the period. Principal Financial Group Inc. owned 0.74% of Resources Connection worth $3,091,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AXA bought a new position in Resources Connection during the second quarter valued at about $1,062,000. State Street Corp raised its holdings in Resources Connection by 4.0% during the second quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock valued at $11,912,000 after buying an additional 33,348 shares in the last quarter. Brandes Investment Partners LP raised 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 valued at $4,994,000 after buying an additional 123,466 shares in the last quarter. Palisade Capital Management LLC NJ raised its holdings in Resources Connection by 1.9% during the third quarter. Palisade Capital Management LLC NJ now owns 939,848 shares of the business services provider’s stock valued at $13,064,000 after buying an additional 17,360 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new position in Resources Connection during the third quarter valued at about $979,000. 80.99% of the stock is owned by hedge funds and other institutional investors.

RECN has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Resources Connection from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. BidaskClub lowered Resources Connection from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Robert W. Baird reiterated a “hold” rating and issued a $15.00 price objective on shares of Resources Connection in a research note on Friday, October 6th. Finally, Deutsche Bank reiterated a “sell” rating and issued a $13.00 price objective (up from $12.00) on shares of Resources Connection in a research note on Friday, October 6th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $15.00.

Resources Connection, Inc. (RECN) opened at $15.30 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82. The company has a market capitalization of $466.98, a PE ratio of 26.27 and a beta of 1.18. Resources Connection, Inc. has a 12 month low of $12.05 and a 12 month high of $19.80.

Resources Connection (NASDAQ:RECN) last posted its quarterly earnings data on Wednesday, October 4th. The business services provider reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. The business had revenue of $141.20 million for the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 earnings per share. research analysts predict that Resources Connection, Inc. will post 0.67 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.14%. Resources Connection’s payout ratio is presently 102.13%.

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Resources Connection 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.

Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

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