Resources Connection, Inc. (NASDAQ:RECN) Shares Acquired by Rhumbline Advisers

Share on StockTwits

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 stock traded up $0.22 during midday trading on Tuesday, reaching $15.09. The company’s stock had a trading volume of 1,762 shares, compared to its average volume of 173,778. Resources Connection, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $17.93. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.38. The company has a market cap of $475.60 million, a P/E ratio of 14.65 and a beta of 1.12. The business has a 50-day simple moving average of $15.04 and a 200-day simple moving average of $16.05.

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.

Further Reading: What is systematic risk?

Want to see what other hedge funds are holding RECN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Resources Connection, Inc. (NASDAQ:RECN).

Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

Receive News & Ratings for Resources Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


 
© 2006-2019 BBNS.