Deutsche Bank AG restated their sell rating on shares of Resources Connection, Inc. (NASDAQ:RECN) in a research note released on Friday, October 6th. Deutsche Bank AG currently has a $13.00 price objective on the business services provider’s stock, up from their prior price objective of $12.00.
RECN has been the subject of several other reports. Zacks Investment Research upgraded shares of Resources Connection from a sell rating to a hold rating in a report on Thursday, September 21st. BidaskClub lowered shares of Resources Connection from a sell rating to a strong sell rating in a report on Friday, August 18th. Finally, Robert W. Baird reiterated a hold rating and set a $15.00 target price on shares of Resources Connection in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Resources Connection has an average rating of Hold and a consensus target price of $15.00.
Shares of Resources Connection (RECN) opened at 15.00 on Friday. The company’s 50-day moving average price is $13.45 and its 200-day moving average price is $13.45. Resources Connection has a 12 month low of $12.05 and a 12 month high of $19.80. The company has a market cap of $448.01 million, a price-to-earnings ratio of 26.79 and a beta of 1.18.
Resources Connection (NASDAQ:RECN) last released its earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. Resources Connection had a net margin of 2.60% and a return on equity of 8.08%. The firm had revenue of $141.20 million during the quarter, compared to analyst estimates of $140.29 million. During the same period last year, the business earned $0.15 earnings per share. The business’s revenue was down 1.5% on a year-over-year basis. Analysts anticipate that Resources Connection will post $0.69 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Investors of record on Thursday, August 24th were issued a $0.12 dividend. This is a positive change from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Tuesday, August 22nd. Resources Connection’s payout ratio is presently 102.13%.
A number of hedge funds and other institutional investors have recently made changes to their positions in RECN. Royce & Associates LP raised its holdings in Resources Connection by 15.1% in the 2nd quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after acquiring an additional 311,900 shares during the last quarter. Brandes Investment Partners LP raised its holdings in Resources Connection by 51.2% in the 2nd quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock worth $4,994,000 after acquiring an additional 123,466 shares during the last quarter. Morgan Stanley raised its holdings in Resources Connection by 27.2% in the 1st quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after acquiring an additional 83,386 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Resources Connection by 50.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock valued at $3,195,000 after buying an additional 77,780 shares during the last quarter. Finally, AXA purchased a new stake in Resources Connection during the 2nd quarter valued at $1,062,000. Institutional investors own 81.48% of the company’s stock.
About Resources Connection
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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