Schwab Charles Investment Management Inc. boosted its stake in Resources Connection, Inc. (NASDAQ:RECN) by 5.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 367,278 shares of the business services provider’s stock after purchasing an additional 18,573 shares during the period. Schwab Charles Investment Management Inc. owned approximately 1.17% of Resources Connection worth $5,675,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in Resources Connection in the 3rd quarter worth approximately $153,000. Municipal Employees Retirement System of Michigan grew its position in Resources Connection by 58.8% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock worth $155,000 after purchasing an additional 4,120 shares during the period. Russell Investments Group Ltd. bought a new stake in Resources Connection in the 3rd quarter worth approximately $164,000. Jane Street Group LLC bought a new stake in Resources Connection in the 3rd quarter worth approximately $171,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in Resources Connection in the 3rd quarter worth approximately $188,000. 80.94% of the stock is owned by institutional investors and hedge funds.
Shares of Resources Connection, Inc. (NASDAQ RECN) opened at $16.40 on Wednesday. Resources Connection, Inc. has a 1 year low of $12.05 and a 1 year high of $17.25. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.36 and a current ratio of 2.36. The stock has a market cap of $514.54, a price-to-earnings ratio of 28.28 and a beta of 1.20.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Wednesday, February 14th. Resources Connection’s payout ratio is 82.76%.
A number of research firms have commented on RECN. Zacks Investment Research downgraded shares of Resources Connection from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 8th. BidaskClub raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Finally, TheStreet raised shares of Resources Connection from a “c+” rating to a “b” rating in a research report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Resources Connection presently has a consensus rating of “Hold” and a consensus price target of $15.50.
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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