Zacks Investment Research Lowers Resources Connection, Inc. (NASDAQ:RECN) to Sell

Resources Connection, Inc. (NASDAQ:RECN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “Resources Connection, Inc. is a professional services firm that provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. In accounting and finance, they assist clients with discrete projects requiring specialized professional expertise, such as mergers and acquisitions due diligence, financial analyses and tax-related projects. They also provide human resources management services and information technology services. “

A number of other equities research analysts have also recently issued reports on the stock. TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a report on Friday, May 26th. Deutsche Bank AG lowered their target price on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Resources Connection presently has a consensus rating of “Hold” and a consensus target price of $15.50.

Shares of Resources Connection (NASDAQ RECN) opened at 13.35 on Tuesday. Resources Connection has a 12 month low of $12.41 and a 12 month high of $19.80. The company’s 50-day moving average price is $13.60 and its 200-day moving average price is $15.01. The firm has a market cap of $395.99 million, a P/E ratio of 23.84 and a beta of 1.20.

Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.02. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The business had revenue of $148.60 million for the quarter, compared to the consensus estimate of $148.46 million. During the same period in the previous year, the firm earned $0.23 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. On average, analysts predict that Resources Connection will post $0.70 EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Resources Connection during the fourth quarter valued at $12,661,000. River Road Asset Management LLC boosted its position in Resources Connection by 15.8% in the first quarter. River Road Asset Management LLC now owns 1,339,967 shares of the business services provider’s stock valued at $22,444,000 after buying an additional 182,830 shares during the last quarter. Morgan Stanley boosted its position in Resources Connection by 27.2% in the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock valued at $6,527,000 after buying an additional 83,386 shares during the last quarter. Guggenheim Capital LLC purchased a new position in Resources Connection during the fourth quarter valued at $1,080,000. Finally, Fisher Asset Management LLC boosted its position in Resources Connection by 40.9% in the second quarter. Fisher Asset Management LLC now owns 188,942 shares of the business services provider’s stock valued at $2,589,000 after buying an additional 54,863 shares during the last quarter. 83.91% of the stock is currently owned by hedge funds and other institutional investors.

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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