Resources Connection (NASDAQ:RECN) Upgraded by Zacks Investment Research to “Hold”

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Resources Connection (NASDAQ:RECN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Separately, BidaskClub raised shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, October 24th.

Shares of RECN traded up $0.07 during midday trading on Wednesday, hitting $15.56. The stock had a trading volume of 2,522 shares, compared to its average volume of 99,012. Resources Connection has a 1 year low of $12.72 and a 1 year high of $17.93. The firm has a market cap of $494.82 million, a PE ratio of 15.11 and a beta of 1.14. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.06 and a quick ratio of 2.06. The stock’s 50 day moving average is $14.84 and its 200 day moving average is $15.95.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Resources Connection had a net margin of 4.24% and a return on equity of 11.31%. The firm had revenue of $172.20 million during the quarter, compared to analysts’ expectations of $173.02 million. During the same period in the previous year, the company earned $0.18 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities research analysts expect that Resources Connection will post 1.03 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Resources Connection by 1.8% in the 2nd 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. Invesco Ltd. raised its stake in Resources Connection by 7.8% during the second quarter. Invesco Ltd. now owns 854,098 shares of the business services provider’s stock valued at $13,674,000 after buying an additional 61,975 shares during the last quarter. Northern Trust Corp lifted its position in Resources Connection by 3.0% in the 2nd quarter. Northern Trust Corp now owns 418,074 shares of the business services provider’s stock valued at $6,693,000 after acquiring an additional 12,373 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Resources Connection by 26.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 277,776 shares of the business services provider’s stock worth $4,448,000 after acquiring an additional 57,479 shares during the period. Finally, Horrell Capital Management Inc. grew its position in Resources Connection by 12.1% in the 2nd quarter. Horrell Capital Management Inc. now owns 198,880 shares of the business services provider’s stock worth $3,184,000 after purchasing an additional 21,500 shares during the period. Institutional investors and hedge funds own 81.89% of the company’s stock.

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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