Resources Connection, Inc. (RECN) Expected to Post Quarterly Sales of $163.47 Million

Analysts expect Resources Connection, Inc. (NASDAQ:RECN) to announce sales of $163.47 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Resources Connection’s earnings. The lowest sales estimate is $149.82 million and the highest is $170.60 million. Resources Connection reported sales of $143.84 million during the same quarter last year, which indicates a positive year over year growth rate of 13.6%. The company is scheduled to report its next earnings report on Wednesday, April 4th.

According to Zacks, analysts expect that Resources Connection will report full-year sales of $163.47 million for the current fiscal year, with estimates ranging from $599.35 million to $644.98 million. For the next fiscal year, analysts anticipate that the business will post sales of $675.17 million per share, with estimates ranging from $623.58 million to $704.98 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Resources Connection.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The firm had revenue of $156.70 million during the quarter, compared to analyst estimates of $152.91 million. During the same period in the prior year, the company posted $0.26 earnings per share. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year.

A number of brokerages have recently weighed in on RECN. Zacks Investment Research lowered Resources Connection from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. BidaskClub upgraded Resources Connection from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. TheStreet upgraded Resources Connection from a “c+” rating to a “b” rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. lowered Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 target price for the company. in a research note on Thursday, January 4th. Finally, Robert W. Baird restated a “hold” rating and issued a $15.00 target price on shares of Resources Connection in a research note on Friday, November 10th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Resources Connection currently has a consensus rating of “Hold” and a consensus price target of $15.25.

A number of hedge funds have recently made changes to their positions in RECN. Wells Fargo & Company MN increased its position in Resources Connection by 1.5% in the second quarter. Wells Fargo & Company MN now owns 25,126 shares of the business services provider’s stock worth $343,000 after purchasing an additional 380 shares during the period. Teachers Advisors LLC boosted its holdings in Resources Connection by 0.7% during the second quarter. Teachers Advisors LLC now owns 57,908 shares of the business services provider’s stock worth $793,000 after buying an additional 387 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Resources Connection by 2.5% during the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock worth $39,727,000 after buying an additional 69,492 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Resources Connection by 0.9% during the second quarter. California Public Employees Retirement System now owns 165,085 shares of the business services provider’s stock worth $2,262,000 after buying an additional 1,500 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in Resources Connection by 35.2% during the second quarter. Parametric Portfolio Associates LLC now owns 141,714 shares of the business services provider’s stock worth $1,941,000 after buying an additional 36,892 shares during the last quarter. Hedge funds and other institutional investors own 77.54% of the company’s stock.

Shares of Resources Connection (NASDAQ:RECN) opened at $15.00 on Wednesday. Resources Connection has a 12 month low of $12.05 and a 12 month high of $17.40. The firm has a market capitalization of $470.62, a price-to-earnings ratio of 25.86 and a beta of 1.20. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.19.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.48 dividend on an annualized basis and a yield of 3.20%. Resources Connection’s payout ratio is 82.76%.

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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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