Zacks Investment Research cut shares of Resources Connection (NASDAQ:RECN) from a buy rating to a hold rating in a research report sent to investors on Friday morning.
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. “
Several other brokerages have also recently issued reports on RECN. BidaskClub raised Resources Connection from a hold rating to a buy rating in a research note on Thursday, January 11th. TheStreet raised Resources Connection from a c+ rating to a b rating in a research note on Thursday, January 4th. Robert W. Baird reissued a hold rating and issued a $15.00 price objective on shares of Resources Connection in a research note on Friday, November 10th. Finally, JPMorgan Chase & Co. cut Resources Connection from a neutral rating to an underweight rating and set a $16.00 price objective on the stock. in a research note on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $15.25.
Resources Connection (NASDAQ RECN) opened at $15.00 on Friday. The company has a market capitalization of $470.62, a P/E ratio of 22.73 and a beta of 1.21. Resources Connection has a 52 week low of $12.05 and a 52 week high of $17.40. 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 (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The company had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $152.91 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Resources Connection’s revenue was up 6.2% compared to the same quarter last year. sell-side analysts forecast that Resources Connection will post 0.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.48 annualized dividend and a yield of 3.20%. Resources Connection’s dividend payout ratio (DPR) is currently 82.76%.
A number of large investors have recently made changes to their positions in RECN. BlackRock Inc. lifted its holdings in Resources Connection by 5.4% during the fourth quarter. BlackRock Inc. now owns 3,866,684 shares of the business services provider’s stock worth $59,740,000 after buying an additional 198,853 shares during the period. Grandeur Peak Global Advisors LLC lifted its holdings in Resources Connection by 649.0% during the third quarter. Grandeur Peak Global Advisors LLC now owns 179,000 shares of the business services provider’s stock worth $2,488,000 after buying an additional 155,100 shares during the period. Royce & Associates LP lifted its holdings in Resources Connection by 6.4% during the third quarter. Royce & Associates LP now owns 2,525,499 shares of the business services provider’s stock worth $35,104,000 after buying an additional 151,760 shares during the period. Dupont Capital Management Corp purchased a new stake in Resources Connection during the third quarter worth $979,000. Finally, Vanguard Group Inc. lifted its holdings in Resources Connection by 2.5% during the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock worth $39,727,000 after buying an additional 69,492 shares during the period. 77.54% of the stock is currently owned by 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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