Resources Connection Inc. (RECN) Given a $12.00 Price Target by Deutsche Bank AG Analysts
Resources Connection Inc. (NASDAQ:RECN) has been assigned a $12.00 price objective by equities researchers at Deutsche Bank AG in a report released on Thursday. The firm currently has a a “sell” rating on the stock. Deutsche Bank AG’s price objective points to a potential downside of 8.26% from the company’s previous close.
RECN has been the subject of several other research reports. Zacks Investment Research lowered Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Robert W. Baird lowered Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Resources Connection in a research note on Thursday.
Shares of Resources Connection (NASDAQ:RECN) traded down 0.23% on Thursday, reaching $13.05. The company had a trading volume of 296,514 shares. Resources Connection has a 12 month low of $12.30 and a 12 month high of $18.71. The company has a market capitalization of $473.00 million, a price-to-earnings ratio of 16.11 and a beta of 1.31. The stock has a 50 day moving average price of $14.75 and a 200-day moving average price of $14.86.
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Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 5th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. The firm earned $143.40 million during the quarter. During the same quarter in the prior year, the business earned $0.19 EPS. Resources Connection’s quarterly revenue was down 3.3% on a year-over-year basis. Analysts forecast that Resources Connection will post $0.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 24th were paid a $0.11 dividend. The ex-dividend date was Monday, August 22nd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.36%. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio is 57.14%.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in Resources Connection by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,401,325 shares of the company’s stock worth $35,492,000 after buying an additional 21,719 shares during the period. Dimensional Fund Advisors LP boosted its position in Resources Connection by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,234,699 shares of the company’s stock worth $33,028,000 after buying an additional 73,131 shares during the period. Royce & Associates LP boosted its position in Resources Connection by 200.8% in the second quarter. Royce & Associates LP now owns 2,230,539 shares of the company’s stock worth $32,967,000 after buying an additional 1,489,000 shares during the period. Palisade Capital Management LLC NJ boosted its position in Resources Connection by 19.5% in the first quarter. Palisade Capital Management LLC NJ now owns 766,524 shares of the company’s stock worth $11,927,000 after buying an additional 124,910 shares during the period. Finally, Norges Bank purchased a new position in Resources Connection during the fourth quarter worth about $8,547,000. 87.39% of the stock is currently owned by institutional investors and hedge funds.
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). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
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