Systematic Financial Management LP reduced its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 7.4% during the first quarter, Holdings Channel reports. The firm owned 97,164 shares of the business services provider’s stock after selling 7,730 shares during the period. Systematic Financial Management LP owned approximately 0.33% of Resources Connection worth $1,627,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Resources Connection by 6.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,499,367 shares of the business services provider’s stock worth $48,113,000 after buying an additional 146,188 shares during the period. Guggenheim Capital LLC acquired a new stake in shares of Resources Connection during the fourth quarter worth approximately $1,080,000. Palisade Capital Management LLC NJ raised its stake in shares of Resources Connection by 0.5% in the first quarter. Palisade Capital Management LLC NJ now owns 900,263 shares of the business services provider’s stock worth $15,079,000 after buying an additional 4,360 shares during the last quarter. Adams Diversified Equity Fund Inc. raised its stake in shares of Resources Connection by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 65,600 shares of the business services provider’s stock worth $1,099,000 after buying an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Resources Connection during the fourth quarter worth approximately $908,000. Institutional investors and hedge funds own 85.04% of the company’s stock.
Shares of Resources Connection, Inc. (RECN) traded up 0.75% during midday trading on Friday, reaching $13.50. The company’s stock had a trading volume of 288,299 shares. Resources Connection, Inc. has a 12 month low of $12.41 and a 12 month high of $19.80. The company has a market cap of $400.32 million, a price-to-earnings ratio of 20.90 and a beta of 1.21. The stock has a 50-day moving average of $13.27 and a 200 day moving average of $15.83.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Wednesday, April 5th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by $0.05. Resources Connection had a net margin of 3.90% and a return on equity of 8.29%. The business had revenue of $143.80 million during the quarter, compared to analyst estimates of $145.88 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. On average, analysts predict that Resources Connection, Inc. will post $0.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, May 18th were paid a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, May 16th. This represents a $0.44 dividend on an annualized basis and a yield of 3.26%. Resources Connection’s payout ratio is 69.84%.
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RECN has been the subject of a number of research reports. Zacks Investment Research upgraded Resources Connection from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 7th. TheStreet lowered Resources Connection from a “b-” rating to a “c+” rating in a research report on Friday, May 26th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $15.50.
Resources Connection Company Profile
Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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