Resources Connection Stock Price Up 5.7% After Dividend Announcement (RECN)
Resources Connection (NASDAQ:RECN) rose 5.7% during mid-day trading on Tuesday following a dividend announcement from the company, American Banking News reports. The stock traded as high as $13.54 and last traded at $13.51, with a volume of 841,657 shares traded. The stock had previously closed at $12.78.
The newly announced dividend is scheduled for Thursday, June 19th. Investors of record on Thursday, May 22nd will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.12%.
Separately, analysts at BMO Capital Markets raised their price target on shares of Resources Connection from $14.00 to $15.00 in a research note on Thursday, April 3rd.
The stock’s 50-day moving average is $14.01 and its 200-day moving average is $13.71. The company has a market cap of $510.8 million and a P/E ratio of 27.78.
Resources Connection (NASDAQ:RECN) last released its earnings data on Wednesday, April 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The company had revenue of $132.70 million for the quarter, compared to the consensus estimate of $135.40 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, analysts predict that Resources Connection will post $0.51 earnings per share for the current fiscal year.
Resources Connection, Inc, is a professional services company. The Company together with its subsidiaries primarily provides services under the name Resources Global Professionals.
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