Brandes Investment Partners LP raised its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 381,108 shares of the business services provider’s stock after purchasing an additional 16,543 shares during the quarter. Brandes Investment Partners LP owned 1.26% of Resources Connection worth $5,427,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in Resources Connection in the third quarter valued at about $153,000. Municipal Employees Retirement System of Michigan raised its stake 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 worth $155,000 after purchasing an additional 4,120 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Resources Connection in the third quarter worth about $164,000. BNP Paribas Arbitrage SA raised its stake in shares of Resources Connection by 44.0% in the second quarter. BNP Paribas Arbitrage SA now owns 12,303 shares of the business services provider’s stock worth $169,000 after purchasing an additional 3,761 shares during the last quarter. Finally, Aperio Group LLC acquired a new stake in Resources Connection during the second quarter worth about $171,000. Institutional investors own 80.99% of the company’s stock.
Several brokerages have commented on RECN. Zacks Investment Research lowered Resources Connection from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. BidaskClub downgraded Resources Connection from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Robert W. Baird reissued a “hold” rating and set a $15.00 target price on shares of Resources Connection in a research note on Friday, October 6th. Finally, Deutsche Bank reaffirmed a “sell” rating and set 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 stock. The company presently has an average rating of “Hold” and a consensus price target of $15.00.
Resources Connection, Inc. (NASDAQ:RECN) opened at $15.50 on Friday. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.20. Resources Connection, Inc. has a 52 week low of $12.05 and a 52 week high of $19.80. The firm has a market capitalization of $468.49, a price-to-earnings ratio of 26.36 and a beta of 1.18.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Wednesday, October 4th. The business services provider reported $0.12 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.12. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The business had revenue of $141.20 million during the quarter, compared to the consensus estimate of $140.29 million. During the same period last year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. sell-side analysts expect that Resources Connection, Inc. will post 0.67 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Wednesday, November 15th. Resources Connection’s dividend payout ratio is currently 102.13%.
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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