Resources Connection (RECN) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Resources Connection (NASDAQ:RECN) from a buy rating to a hold rating in a report released on Thursday.

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. “

Other analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Resources Connection from a hold rating to a buy rating in a report on Thursday, January 11th. TheStreet upgraded shares of Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. Robert W. Baird restated a hold rating and set a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. downgraded shares of Resources Connection from a neutral rating to an underweight rating and set a $16.00 price target for the company. in a report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $15.25.

Resources Connection (NASDAQ:RECN) traded down $0.05 during mid-day trading on Thursday, reaching $15.80. 57,300 shares of the company’s stock were exchanged, compared to its average volume of 134,319. The firm has a market cap of $497.29, a P/E ratio of 27.24 and a beta of 1.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.36 and a current ratio of 2.36. Resources Connection has a 12 month low of $12.05 and a 12 month high of $17.40.

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, topping the Zacks’ consensus estimate of $0.20 by $0.05. The business had revenue of $156.70 million during the quarter, compared to the consensus estimate of $152.91 million. Resources Connection had a net margin of 2.98% and a return on equity of 8.25%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 EPS. analysts anticipate that Resources Connection will post 0.83 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, February 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.04%. Resources Connection’s payout ratio is currently 82.76%.

Several large investors have recently bought and sold shares of RECN. Wells Fargo & Company MN boosted its position in shares of Resources Connection by 1.5% during the 2nd quarter. Wells Fargo & Company MN now owns 25,126 shares of the business services provider’s stock worth $343,000 after purchasing an additional 380 shares during the period. Teachers Advisors LLC boosted its position in shares of Resources Connection by 0.7% during the 2nd quarter. Teachers Advisors LLC now owns 57,908 shares of the business services provider’s stock worth $793,000 after purchasing an additional 387 shares during the period. Vanguard Group Inc. boosted its position in shares of Resources Connection by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock worth $39,727,000 after purchasing an additional 69,492 shares during the period. California Public Employees Retirement System boosted its position in shares of Resources Connection by 0.9% during the 2nd quarter. California Public Employees Retirement System now owns 165,085 shares of the business services provider’s stock worth $2,262,000 after purchasing an additional 1,500 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Resources Connection by 35.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 141,714 shares of the business services provider’s stock worth $1,941,000 after purchasing an additional 36,892 shares during the period. 78.68% of the stock is owned by hedge funds and other institutional investors.

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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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