$152.81 Million in Sales Expected for Resources Connection, Inc. (RECN) This Quarter
Equities analysts predict that Resources Connection, Inc. (NASDAQ:RECN) will announce $152.81 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Resources Connection’s earnings. The highest sales estimate is $153.31 million and the lowest is $152.41 million. Resources Connection reported sales of $147.56 million in the same quarter last year, which indicates a positive year-over-year growth rate of 3.6%. The company is expected to report its next earnings results on Wednesday, January 3rd.
On average, analysts expect that Resources Connection will report full-year sales of $152.81 million for the current financial year, with estimates ranging from $596.61 million to $605.03 million. For the next financial year, analysts anticipate that the company will report sales of $621.17 million per share, with estimates ranging from $609.95 million to $629.98 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Resources Connection.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. The firm had revenue of $141.20 million during the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. Resources Connection’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share.
Several research firms have recently issued reports on RECN. Zacks Investment Research raised shares of Resources Connection from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Saturday, October 7th. Robert W. Baird reaffirmed a “hold” rating and set a $15.00 price objective on shares of Resources Connection in a research report on Friday, August 25th. Deutsche Bank AG reaffirmed a “sell” rating and set a $13.00 price objective (up from $12.00) on shares of Resources Connection in a research report on Friday, October 6th. Finally, BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The company has an average rating of “Hold” and an average price target of $15.00.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th were given a dividend of $0.12 per share. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend was Tuesday, August 22nd. Resources Connection’s payout ratio is 102.13%.
Several institutional investors have recently added to or reduced their stakes in RECN. Royce & Associates LP lifted its position in shares of Resources Connection by 15.1% during the 2nd quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after purchasing an additional 311,900 shares during the last quarter. Brandes Investment Partners LP lifted its position in shares of Resources Connection by 51.2% during the 2nd quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock worth $4,994,000 after purchasing an additional 123,466 shares during the last quarter. Morgan Stanley lifted its position in shares of Resources Connection by 27.2% during the 1st quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after purchasing an additional 83,386 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Resources Connection by 50.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock worth $3,195,000 after purchasing an additional 77,780 shares during the last quarter. Finally, AXA purchased a new stake in shares of Resources Connection during the 2nd quarter worth $1,062,000. 82.11% of the stock is 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). 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related companies with MarketBeat.com's FREE daily email newsletter.