Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a buy rating in a research note released on Wednesday. The brokerage currently has $17.00 target price on the business services provider’s stock.
According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “
RECN has been the subject of several other reports. BidaskClub downgraded Resources Connection from a buy rating to a hold rating in a report on Tuesday, December 12th. Robert W. Baird reissued a hold rating and issued a $15.00 price objective on shares of Resources Connection in a report on Friday, November 10th. JPMorgan Chase & Co. downgraded Resources Connection from a neutral rating to an underweight rating and set a $16.00 price objective for the company. in a report on Thursday, January 4th. Finally, TheStreet raised Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company has a consensus rating of Hold and a consensus price target of $15.25.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. The firm had revenue of $156.70 million during the quarter, compared to the consensus estimate of $152.91 million. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. equities analysts anticipate that Resources Connection will post 0.83 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Wednesday, February 14th. Resources Connection’s payout ratio is currently 82.76%.
Several hedge funds have recently bought and sold shares of RECN. SG Americas Securities LLC acquired a new stake in shares of Resources Connection in the third quarter valued at approximately $153,000. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Resources Connection by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock valued at $155,000 after acquiring an additional 4,120 shares during the period. Aperio Group LLC purchased a new stake in shares of Resources Connection during the fourth quarter worth approximately $157,000. Russell Investments Group Ltd. purchased a new stake in shares of Resources Connection during the third quarter worth approximately $164,000. Finally, Jane Street Group LLC purchased a new stake in shares of Resources Connection during the third quarter worth approximately $171,000. 77.76% of the stock is owned by institutional investors and hedge funds.
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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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