Barrow Hanley Mewhinney & Strauss LLC decreased its holdings in Resources Connection, Inc. (NASDAQ:RECN) by 22.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 257,209 shares of the business services provider’s stock after selling 73,139 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned 0.82% of Resources Connection worth $4,167,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV increased its holdings in shares of Resources Connection by 14.8% in the 4th quarter. KBC Group NV now owns 41,481 shares of the business services provider’s stock valued at $641,000 after acquiring an additional 5,332 shares during the period. Grandeur Peak Global Advisors LLC increased its holdings in shares of Resources Connection by 16.6% in the 4th quarter. Grandeur Peak Global Advisors LLC now owns 208,700 shares of the business services provider’s stock valued at $3,224,000 after acquiring an additional 29,700 shares during the period. Stone Ridge Asset Management LLC purchased a new position in Resources Connection in the 4th quarter valued at $516,000. MetLife Investment Advisors LLC purchased a new position in Resources Connection in the 4th quarter valued at $187,000. Finally, Prudential Financial Inc. grew its position in Resources Connection by 64.3% in the 1st quarter. Prudential Financial Inc. now owns 120,980 shares of the business services provider’s stock valued at $1,959,000 after buying an additional 47,360 shares during the last quarter. 80.40% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:RECN opened at $17.25 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.30 and a quick ratio of 2.30. Resources Connection, Inc. has a 1 year low of $12.05 and a 1 year high of $17.95. The stock has a market cap of $542.07 million, a PE ratio of 22.93 and a beta of 1.19.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, April 4th. The business services provider reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. The business had revenue of $172.40 million during the quarter, compared to analysts’ expectations of $170.50 million. Resources Connection had a return on equity of 9.15% and a net margin of 3.12%. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. sell-side analysts forecast that Resources Connection, Inc. will post 0.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 14th. Stockholders of record on Thursday, May 17th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Wednesday, May 16th. Resources Connection’s dividend payout ratio (DPR) is currently 75.00%.
RECN has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Resources Connection from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective on the stock in a research report on Wednesday, March 7th. BidaskClub upgraded shares of Resources Connection from a “hold” rating to a “buy” rating in a research report on Wednesday, May 30th. TheStreet lowered shares of Resources Connection from a “b” rating to a “c+” rating in a research report on Thursday, April 19th. Robert W. Baird reissued a “hold” rating and issued a $17.00 target price on shares of Resources Connection in a research note on Thursday, April 5th. Finally, ValuEngine raised shares of Resources Connection from a “hold” rating to a “buy” rating in a research note on Tuesday, June 5th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $16.00.
In other news, Director Michael H. Wargotz sold 6,200 shares of the stock in a transaction that occurred on Monday, April 9th. The stock was sold at an average price of $15.36, for a total transaction of $95,232.00. Following the completion of the transaction, the director now directly owns 29,073 shares in the company, valued at approximately $446,561.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 11.80% of the company’s stock.
Resources Connection Profile
Resources Connection, Inc provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support.
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