Rhumbline Advisers increased its stake in Resources Connection, Inc. (NASDAQ:RECN) by 21.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,071 shares of the business services provider’s stock after acquiring an additional 28,933 shares during the period. Rhumbline Advisers’ holdings in Resources Connection were worth $2,788,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Clark Estates Inc. NY acquired a new stake in Resources Connection in the second quarter valued at $2,858,000. Nuveen Asset Management LLC acquired a new stake in Resources Connection in the second quarter valued at $2,463,000. Assenagon Asset Management S.A. acquired a new stake in Resources Connection in the third quarter valued at $2,411,000. Morgan Stanley raised its stake in Resources Connection by 130.6% in the second quarter. Morgan Stanley now owns 196,126 shares of the business services provider’s stock valued at $3,140,000 after buying an additional 111,071 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Resources Connection by 1.8% in the second quarter. BlackRock Inc. now owns 4,665,558 shares of the business services provider’s stock valued at $74,695,000 after buying an additional 80,577 shares in the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.
A number of analysts have weighed in on RECN shares. BidaskClub upgraded Resources Connection from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Zacks Investment Research upgraded Resources Connection from a “sell” rating to a “hold” rating in a research note on Friday.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. The company had revenue of $172.20 million for the quarter, compared to analyst estimates of $173.02 million. Resources Connection had a return on equity of 11.31% and a net margin of 4.24%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. As a group, equities analysts forecast that Resources Connection, Inc. will post 1.03 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Friday, November 8th. Resources Connection’s payout ratio is 54.37%.
Resources Connection 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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