Resources Connection Inc. (RECN) Downgraded by Zacks Investment Research
Resources Connection Inc. (NASDAQ:RECN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Saturday.
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. “
Several other research analysts also recently weighed in on the company. Deutsche Bank AG set a $12.00 target price on Resources Connection and gave the company a “sell” rating in a research note on Thursday. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Resources Connection in a research note on Thursday. Finally, Robert W. Baird downgraded Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday.
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Resources Connection (NASDAQ:RECN) opened at 13.00 on Friday. The firm has a market capitalization of $471.19 million, a P/E ratio of 16.05 and a beta of 1.31. The company has a 50-day moving average price of $14.68 and a 200 day moving average price of $14.85. Resources Connection has a 1-year low of $12.30 and a 1-year high of $18.71.
Resources Connection (NASDAQ:RECN) last announced its earnings results on Wednesday, October 5th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.01. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. The company earned $143.40 million during the quarter. During the same quarter in the prior year, the business earned $0.19 EPS. The company’s revenue was down 3.3% on a year-over-year basis. Analysts expect that Resources Connection will post $0.82 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were paid a $0.11 dividend. The ex-dividend date was Monday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.38%. Resources Connection’s payout ratio is 57.14%.
Several hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Resources Connection during the fourth quarter worth $8,547,000. TIAA CREF Investment Management LLC increased its stake in Resources Connection by 29.4% in the first quarter. TIAA CREF Investment Management LLC now owns 223,422 shares of the company’s stock worth $3,476,000 after buying an additional 50,767 shares during the period. BlackRock Group LTD increased its stake in Resources Connection by 5.2% in the first quarter. BlackRock Group LTD now owns 62,499 shares of the company’s stock worth $974,000 after buying an additional 3,092 shares during the period. JPMorgan Chase & Co. increased its stake in Resources Connection by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 287,890 shares of the company’s stock worth $4,479,000 after buying an additional 28,946 shares during the period. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Resources Connection during the first quarter worth $733,000. Hedge funds and other institutional investors own 87.39% 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). 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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