Resources Connection, Inc. (NASDAQ:RECN) has been given a consensus recommendation of “Hold” by the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $15.33.
A number of equities research analysts recently weighed in on RECN shares. BidaskClub upgraded Resources Connection from a “hold” rating to a “buy” rating in a research report on Wednesday, May 30th. TheStreet lowered Resources Connection from a “b” rating to a “c+” rating in a research report on Thursday, April 19th. ValuEngine lowered Resources Connection from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. Finally, Zacks Investment Research lowered Resources Connection from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 24th.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of Resources Connection by 940.0% in the 2nd quarter. Millennium Management LLC now owns 296,765 shares of the business services provider’s stock valued at $5,015,000 after buying an additional 268,229 shares during the last quarter. Raymond James & Associates grew its position in shares of Resources Connection by 6.3% in the 2nd quarter. Raymond James & Associates now owns 79,358 shares of the business services provider’s stock valued at $1,341,000 after buying an additional 4,710 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Resources Connection by 96.1% in the 2nd quarter. Renaissance Technologies LLC now owns 67,842 shares of the business services provider’s stock valued at $1,147,000 after buying an additional 33,242 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Resources Connection in the 2nd quarter valued at about $1,464,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Resources Connection by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,540,337 shares of the business services provider’s stock valued at $42,932,000 after buying an additional 8,244 shares during the last quarter. Hedge funds and other institutional investors own 79.32% of the company’s stock.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Wednesday, July 18th. The business services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). Resources Connection had a net margin of 2.88% and a return on equity of 10.03%. The business had revenue of $184.00 million during the quarter, compared to the consensus estimate of $180.05 million. During the same quarter in the previous year, the business posted $0.20 EPS. The company’s revenue for the quarter was up 23.5% on a year-over-year basis. equities research analysts forecast that Resources Connection will post 0.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, August 23rd will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, August 22nd. This is a positive change from Resources Connection’s previous quarterly dividend of $0.12. Resources Connection’s payout ratio is 48.98%.
Resources Connection Company Profile
Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.
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