Resources Connection (NASDAQ:RECN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “
A number of other brokerages have also recently issued reports on RECN. BidaskClub upgraded Resources Connection from a “hold” rating to a “buy” rating in a report on Thursday, January 11th. TheStreet upgraded Resources Connection from a “c+” rating to a “b” rating in a report on Thursday, January 4th. Robert W. Baird reiterated a “hold” rating and issued a $15.00 target price on shares of Resources Connection in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. cut Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 target price on the stock. in a report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.25.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The company had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $152.91 million. During the same period last year, the business earned $0.26 EPS. Resources Connection’s quarterly revenue was up 6.2% compared to the same quarter last year. analysts predict that Resources Connection will post 0.83 earnings per share for the current year.
A number of large investors have recently modified their holdings of the business. Wells Fargo & Company MN lifted its stake in Resources Connection by 28.9% during the 4th quarter. Wells Fargo & Company MN now owns 45,289 shares of the business services provider’s stock valued at $700,000 after acquiring an additional 10,142 shares in the last quarter. KBC Group NV lifted its stake in Resources Connection by 14.8% during the 4th quarter. KBC Group NV now owns 41,481 shares of the business services provider’s stock valued at $641,000 after acquiring an additional 5,332 shares in the last quarter. California Public Employees Retirement System lifted its stake in Resources Connection by 4.2% during the 4th quarter. California Public Employees Retirement System now owns 184,279 shares of the business services provider’s stock valued at $2,847,000 after acquiring an additional 7,392 shares in the last quarter. Aperio Group LLC bought a new position in Resources Connection during the 4th quarter valued at $157,000. Finally, Algert Global LLC bought a new position in Resources Connection during the 4th quarter valued at $184,000. Institutional investors and hedge funds own 77.76% of the company’s stock.
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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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