Strs Ohio held its stake in Resources Connection, Inc. (NASDAQ:RECN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,700 shares of the business services provider’s stock at the end of the first quarter. Strs Ohio owned about 0.14% of Resources Connection worth $715,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Wexford Capital LP bought a new position in Resources Connection during the fourth quarter valued at about $199,000. Louisiana State Employees Retirement System raised its stake in shares of Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock worth $203,000 after buying an additional 200 shares in the last quarter. FNY Partners Fund LP acquired a new stake in shares of Resources Connection during the fourth quarter worth $385,000. Metropolitan Life Insurance Co. NY raised its stake in Resources Connection by 5.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 26,131 shares of the business services provider’s stock valued at $503,000 after buying an additional 1,304 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Resources Connection during the fourth quarter valued at $908,000. 85.04% of the stock is currently owned by hedge funds and other institutional investors.
Resources Connection, Inc. (NASDAQ RECN) traded up 0.74% during midday trading on Monday, hitting $13.60. The company had a trading volume of 79,442 shares. The firm has a market capitalization of $403.28 million, a P/E ratio of 21.05 and a beta of 1.21. Resources Connection, Inc. has a 1-year low of $12.41 and a 1-year high of $19.80. The company has a 50 day moving average price of $13.27 and a 200 day moving average price of $15.83.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Wednesday, April 5th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.05. Resources Connection had a net margin of 3.90% and a return on equity of 8.29%. The company had revenue of $143.80 million during the quarter, compared to analyst estimates of $145.88 million. During the same quarter in the prior year, the company earned $0.16 EPS. The business’s revenue was down 2.0% on a year-over-year basis. Equities research analysts forecast that Resources Connection, Inc. will post $0.68 earnings per share for the current fiscal year.
The business also recently disclosed 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 was Tuesday, May 16th. This represents a $0.44 annualized dividend and a yield of 3.24%. Resources Connection’s dividend payout ratio is presently 69.84%.
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A number of research analysts have issued reports on RECN shares. Zacks Investment Research cut Resources Connection from a “hold” rating to a “sell” rating in a research note on Saturday, April 8th. TheStreet cut 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 currently has a consensus rating of “Hold” and a consensus price target of $15.50.
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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