Zacks Investment Research Lowers Resources Connection Inc. (RECN) to Strong Sell
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 to investors 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. “
RECN has been the subject of several other research reports. Robert W. Baird lowered Resources Connection from an “outperform” rating to a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Resources Connection in a research report on Thursday. Finally, Deutsche Bank AG set a $12.00 target price on Resources Connection and gave the stock a “sell” rating in a research report on Thursday.
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Resources Connection (NASDAQ:RECN) opened at 13.00 on Friday. The firm has a market cap of $471.19 million, a price-to-earnings ratio of 16.05 and a beta of 1.31. The company’s 50-day moving average price is $14.68 and its 200-day moving average price is $14.85. Resources Connection has a one year low of $12.30 and a one year high of $18.71.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share 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 business had revenue of $143.40 million for the quarter. During the same period in the previous year, the business posted $0.19 EPS. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, analysts anticipate that Resources Connection will post $0.82 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were issued a $0.11 dividend. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, August 22nd. This represents a $0.44 annualized dividend and a dividend yield of 3.38%. Resources Connection’s dividend payout ratio (DPR) is 57.14%.
Several hedge funds have recently made changes to their positions in RECN. Walleye Trading LLC increased its stake in shares of Resources Connection by 136.7% in the second quarter. Walleye Trading LLC now owns 7,100 shares of the company’s stock valued at $105,000 after buying an additional 4,100 shares during the period. Mason Street Advisors LLC bought a new stake in shares of Resources Connection during the second quarter valued at about $106,000. BlackRock Inc. increased its stake in shares of Resources Connection by 223.8% in the second quarter. BlackRock Inc. now owns 9,357 shares of the company’s stock valued at $139,000 after buying an additional 6,467 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock valued at $170,000 after buying an additional 6,142 shares during the period. Finally, Raymond James & Associates bought a new stake in shares of Resources Connection during the second quarter valued at about $179,000. 87.39% of the stock is currently owned by institutional investors and hedge funds.
Resources Connection Company Profile
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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