Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a strong-buy rating in a report released on Wednesday. Zacks Investment Research currently has $18.00 price objective on the business services provider’s stock.
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 commented on RECN. BidaskClub upgraded shares of Resources Connection from a hold rating to a buy rating in a report on Thursday, January 11th. TheStreet raised shares of Resources Connection from a c+ rating to a b rating in a research report on Thursday, January 4th. Robert W. Baird reaffirmed a hold rating and issued a $15.00 target price on shares of Resources Connection in a research report on Friday, November 10th. Finally, JPMorgan Chase & Co. downgraded shares of Resources Connection from a neutral rating to an underweight rating and set a $16.00 target price for the company. in a research report on Thursday, January 4th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The stock presently has an average rating of Hold and a consensus price target of $15.50.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, January 3rd. The business services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Resources Connection had a net margin of 2.98% and a return on equity of 8.25%. The business had revenue of $156.70 million for the quarter, compared to analyst estimates of $152.91 million. During the same period last year, the business posted $0.26 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. equities analysts predict that Resources Connection will post 0.82 earnings per share for the current year.
The firm also recently announced 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. This represents a $0.48 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Wednesday, February 14th. Resources Connection’s dividend payout ratio (DPR) is currently 82.76%.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Resources Connection by 5.4% in the fourth quarter. BlackRock Inc. now owns 3,866,684 shares of the business services provider’s stock valued at $59,740,000 after purchasing an additional 198,853 shares in the last quarter. Vanguard Group Inc. grew its position in Resources Connection by 2.5% in the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock valued at $39,727,000 after purchasing an additional 69,492 shares in the last quarter. Royce & Associates LP grew its position in Resources Connection by 6.4% in the third quarter. Royce & Associates LP now owns 2,525,499 shares of the business services provider’s stock valued at $35,104,000 after purchasing an additional 151,760 shares in the last quarter. Brandes Investment Partners LP grew its position in shares of Resources Connection by 133.4% in the 4th quarter. Brandes Investment Partners LP now owns 889,448 shares of the business services provider’s stock valued at $13,742,000 after acquiring an additional 508,340 shares during the period. Finally, State Street Corp grew its position in shares of Resources Connection by 4.0% in the 2nd quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock valued at $11,912,000 after acquiring an additional 33,348 shares during the period. 80.12% 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.
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