Resources Connection, Inc. (RECN) Expected to Post Quarterly Sales of $140.36 Million
Equities research analysts expect that Resources Connection, Inc. (NASDAQ:RECN) will announce sales of $140.36 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Resources Connection’s earnings, with estimates ranging from $140.23 million to $140.48 million. Resources Connection reported sales of $143.39 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.1%. The firm is expected to report its next quarterly earnings results on Wednesday, October 4th.
On average, analysts expect that Resources Connection will report full year sales of $140.36 million for the current fiscal year, with estimates ranging from $580.00 million to $585.20 million. For the next fiscal year, analysts anticipate that the business will post sales of $600.67 million per share, with estimates ranging from $591.09 million to $610.93 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Resources Connection.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Thursday, July 20th. The business services provider reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The company had revenue of $148.60 million for the quarter, compared to analysts’ expectations of $148.46 million. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The company’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share.
Several brokerages have commented on RECN. TheStreet downgraded Resources Connection from a “b-” rating to a “c+” rating in a research report on Friday, May 26th. Zacks Investment Research upgraded Resources Connection from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 7th. Deutsche Bank AG lowered their price objective on Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a research report on Friday, July 21st. BidaskClub cut Resources Connection from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Robert W. Baird reiterated a “hold” rating and issued a $15.00 price target on shares of Resources Connection in a research report on Friday, August 25th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The stock presently has a consensus rating of “Sell” and an average target price of $15.33.
Resources Connection (NASDAQ:RECN) opened at 12.70 on Monday. The stock’s 50 day moving average is $13.07 and its 200 day moving average is $14.20. Resources Connection has a one year low of $12.05 and a one year high of $19.80. The stock has a market capitalization of $379.31 million, a price-to-earnings ratio of 22.68 and a beta of 1.22.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 24th will be issued a $0.12 dividend. This is an increase from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Tuesday, August 22nd. Resources Connection’s dividend payout ratio is 87.27%.
Institutional investors have recently made changes to their positions in the business. Teachers Advisors LLC grew its holdings in shares of Resources Connection by 2.1% during the fourth quarter. Teachers Advisors LLC now owns 64,283 shares of the business services provider’s stock worth $1,237,000 after buying an additional 1,303 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in Resources Connection by 1.7% during 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 purchasing an additional 200 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Resources Connection during the first quarter valued at approximately $116,000. Great West Life Assurance Co. Can boosted its position in Resources Connection by 14.7% during 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 purchasing an additional 5,466 shares during the last quarter. Finally, LSV Asset Management acquired a new position in Resources Connection during the first quarter valued at approximately $299,000. Institutional investors own 82.19% of the company’s stock.
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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