Resources Connection (RECN) Releases Earnings Results, Beats Estimates By $0.10 EPS

Resources Connection (NASDAQ:RECN) issued its earnings results on Thursday. The business services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.10, Bloomberg Earnings reports. Resources Connection had a return on equity of 10.89% and a net margin of 3.25%.

Shares of Resources Connection stock opened at $13.60 on Friday. Resources Connection has a 12-month low of $12.72 and a 12-month high of $19.50. The firm has a market cap of $447.91 million, a P/E ratio of 13.88 and a beta of 1.10. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.22.

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 11th. Investors of record on Tuesday, November 13th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, November 9th. This represents a $0.52 annualized dividend and a yield of 3.82%. Resources Connection’s dividend payout ratio (DPR) is currently 53.06%.

A number of institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its holdings 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 worth $6,629,000 after buying an additional 3,104 shares in the last quarter. Acadian Asset Management LLC grew its stake in Resources Connection by 6.2% in the 3rd quarter. Acadian Asset Management LLC now owns 59,241 shares of the business services provider’s stock valued at $983,000 after purchasing an additional 3,473 shares during the period. Wells Fargo & Company MN grew its stake in Resources Connection by 7.8% in the 3rd quarter. Wells Fargo & Company MN now owns 48,292 shares of the business services provider’s stock valued at $802,000 after purchasing an additional 3,504 shares during the period. Legal & General Group Plc grew its stake in Resources Connection by 6.9% in the 2nd quarter. Legal & General Group Plc now owns 58,626 shares of the business services provider’s stock valued at $999,000 after purchasing an additional 3,765 shares during the period. Finally, Raymond James & Associates grew its stake in 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 purchasing an additional 4,710 shares during the period. Institutional investors and hedge funds own 80.92% of the company’s stock.

A number of brokerages have recently weighed in on RECN. ValuEngine lowered Resources Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Wednesday, October 10th. Finally, BidaskClub downgraded Resources Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, December 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.00.

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About Resources Connection

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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Earnings History for Resources Connection (NASDAQ:RECN)

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