Resources Connection, Inc. (NASDAQ:RECN) PT Lowered to $12.00 at Deutsche Bank AG
Resources Connection, Inc. (NASDAQ:RECN) had its price objective decreased by equities research analysts at Deutsche Bank AG from $14.00 to $12.00 in a report released on Friday. The firm presently has a “sell” rating on the business services provider’s stock. Deutsche Bank AG’s price objective indicates a potential downside of 11.76% from the stock’s current price.
A number of other research analysts have also weighed in on RECN. Zacks Investment Research lowered shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Saturday, April 8th. TheStreet lowered shares of Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.50.
Shares of Resources Connection (RECN) traded down 7.17% during midday trading on Friday, hitting $13.60. 414,585 shares of the company were exchanged. The firm’s 50 day moving average price is $13.58 and its 200 day moving average price is $15.11. Resources Connection has a one year low of $12.41 and a one year high of $19.80. The firm has a market capitalization of $403.28 million, a price-to-earnings ratio of 21.05 and a beta of 1.21.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Thursday, July 20th. The business services provider reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.02. Resources Connection had a net margin of 3.90% and a return on equity of 8.29%. The business had revenue of $148.60 million during the quarter, compared to the consensus estimate of $148.46 million. During the same period last year, the business posted $0.23 earnings per share. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. Analysts forecast that Resources Connection will post $0.87 EPS for the current fiscal year.
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Several hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY increased its stake in shares of Resources Connection by 5.3% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 26,131 shares of the business services provider’s stock valued at $503,000 after buying an additional 1,304 shares in the last quarter. Guggenheim Capital LLC purchased a new stake in shares of Resources Connection during the fourth quarter valued at approximately $1,080,000. Norges Bank purchased a new stake in shares of Resources Connection during the fourth quarter valued at approximately $12,661,000. Teachers Advisors LLC increased its stake in shares of Resources Connection by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 64,283 shares of the business services provider’s stock valued at $1,237,000 after buying an additional 1,303 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock valued at $203,000 after buying an additional 200 shares in the last quarter. Institutional investors own 85.01% 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). 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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