Resources Connection, Inc. (RECN) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS
Resources Connection, Inc. (NASDAQ:RECN) announced its earnings results on Thursday. The business services provider reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.02, Briefing.com reports. The firm had revenue of $148.60 million during the quarter, compared to analysts’ expectations of $148.46 million. Resources Connection had a net margin of 3.90% and a return on equity of 8.29%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS.
Resources Connection (NASDAQ:RECN) traded down 7.17% during mid-day trading on Friday, reaching $13.60. 121,678 shares of the company were exchanged. The company has a market capitalization of $403.28 million, a PE ratio of 21.05 and a beta of 1.21. The stock has a 50-day moving average price of $13.58 and a 200 day moving average price of $15.11. Resources Connection has a one year low of $12.41 and a one year high of $19.80.
Several brokerages have recently commented on RECN. Zacks Investment Research upgraded shares of Resources Connection from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 7th. TheStreet downgraded shares of Resources Connection from a “b-” rating to a “c+” rating in a report on Friday, May 26th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $15.50.
Several large investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System raised its stake in Resources Connection by 12.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 37,044 shares of the business services provider’s stock valued at $620,000 after buying an additional 3,990 shares during the last quarter. LSV Asset Management acquired a new stake in Resources Connection during the first quarter valued at approximately $299,000. Great West Life Assurance Co. Can raised its stake in Resources Connection by 14.7% in the first quarter. Great West Life Assurance Co. Can now owns 42,635 shares of the business services provider’s stock valued at $714,000 after buying an additional 5,466 shares during the last quarter. Adams Diversified Equity Fund Inc. raised its stake in Resources Connection by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 65,600 shares of the business services provider’s stock valued at $1,099,000 after buying an additional 1,800 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Resources Connection during the first quarter valued at approximately $116,000. 85.01% of the stock is owned by hedge funds and other institutional investors.
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). 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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