Brokerages Set Resources Connection, Inc. (RECN) Target Price at $15.33

Resources Connection, Inc. (NASDAQ:RECN) has been given an average recommendation of “Hold” by the six analysts that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $16.50.

Several research firms have weighed in on RECN. Zacks Investment Research downgraded shares of Resources Connection from a “hold” rating to a “strong sell” rating in a report on Thursday, August 23rd. ValuEngine upgraded shares of Resources Connection from a “hold” rating to a “buy” rating in a report on Thursday, September 13th. BidaskClub upgraded shares of Resources Connection from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 5th. Finally, TheStreet upgraded shares of Resources Connection from a “c+” rating to a “b-” rating in a report on Monday, July 2nd.

NASDAQ:RECN opened at $18.39 on Friday. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.23. Resources Connection has a twelve month low of $13.20 and a twelve month high of $19.50. The stock has a market cap of $522.86 million, a price-to-earnings ratio of 18.77 and a beta of 1.04.

Resources Connection (NASDAQ:RECN) last posted its earnings results on Wednesday, October 3rd. The business services provider reported $0.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. Resources Connection had a net margin of 2.88% and a return on equity of 10.03%. The firm had revenue of $178.60 million during the quarter, compared to the consensus estimate of $173.60 million. During the same period last year, the firm posted $0.12 EPS. The firm’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, research analysts forecast that Resources Connection will post 0.8 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Thursday, August 23rd were issued a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.83%. Resources Connection’s payout ratio is 53.06%.

In other news, Director Anthony Cherbak sold 20,000 shares of Resources Connection stock in a transaction dated Thursday, October 4th. The shares were sold at an average price of $18.59, for a total transaction of $371,800.00. Following the completion of the sale, the director now directly owns 33,500 shares in the company, valued at $622,765. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its position in Resources Connection by 0.8% during the second quarter. Northern Trust Corp now owns 392,222 shares of the business services provider’s stock valued at $6,629,000 after buying an additional 3,104 shares in the last quarter. Legal & General Group Plc lifted its position in Resources Connection by 6.9% during the second quarter. Legal & General Group Plc now owns 58,626 shares of the business services provider’s stock valued at $999,000 after buying an additional 3,765 shares in the last quarter. Raymond James & Associates lifted its position in Resources Connection by 6.3% during the second 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 in the last quarter. SG Americas Securities LLC lifted its position in Resources Connection by 75.1% during the second quarter. SG Americas Securities LLC now owns 11,666 shares of the business services provider’s stock valued at $197,000 after buying an additional 5,002 shares in the last quarter. Finally, Barclays PLC lifted its position in Resources Connection by 125.2% during the first quarter. Barclays PLC now owns 11,076 shares of the business services provider’s stock valued at $179,000 after buying an additional 6,158 shares in the last quarter. 81.22% of the stock is currently owned by institutional investors and hedge funds.

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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