Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $18.00 target price on the business services provider’s stock.
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 analysts also recently commented on RECN. ValuEngine upgraded Resources Connection from a hold rating to a buy rating in a research note on Thursday, September 13th. Robert W. Baird reduced their target price on Resources Connection from $19.00 to $16.00 and set a neutral rating for the company in a research note on Friday, January 4th. Finally, BidaskClub downgraded Resources Connection from a strong-buy rating to a buy rating in a research note on Friday, December 7th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Resources Connection currently has a consensus rating of Buy and an average target price of $17.00.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings data on Thursday, January 3rd. The business services provider reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.10. Resources Connection had a return on equity of 11.77% and a net margin of 3.44%. The firm had revenue of $188.80 million during the quarter, compared to analyst estimates of $185.05 million. On average, analysts forecast that Resources Connection will post 1 earnings per share for the current year.
In other news, Director Anthony Cherbak sold 31,750 shares of the firm’s stock in a transaction dated Friday, January 4th. The stock was sold at an average price of $15.79, for a total value of $501,332.50. Following the completion of the sale, the director now directly owns 52,429 shares in the company, valued at approximately $827,853.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 9.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp boosted its stake in Resources Connection by 0.8% during the 2nd quarter. Northern Trust Corp now owns 392,222 shares of the business services provider’s stock valued at $6,629,000 after purchasing an additional 3,104 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Resources Connection by 6.2% during 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 last quarter. Wells Fargo & Company MN boosted its stake in Resources Connection by 7.8% during 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 last quarter. Legal & General Group Plc boosted its stake in Resources Connection by 6.9% during 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 last quarter. Finally, Raymond James & Associates boosted its stake in Resources Connection by 6.3% during 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 last quarter. Institutional investors and hedge funds own 80.92% of the company’s stock.
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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