Zacks Investment Research downgraded shares of Resources Connection (NASDAQ:RECN) from a strong-buy rating to a hold rating in a report issued on Thursday.
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. “
Several other equities analysts have also recently commented on the stock. BidaskClub cut shares of Resources Connection from a buy rating to a hold rating in a report on Tuesday, December 12th. Robert W. Baird restated a hold rating and set a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. JPMorgan Chase & Co. cut shares of Resources Connection from a neutral rating to an underweight rating and set a $16.00 price target on the stock. in a report on Thursday, January 4th. Finally, TheStreet upgraded shares of Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Resources Connection presently has an average rating of Hold and a consensus target price of $15.50.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $152.91 million. During the same period in the previous year, the company posted $0.26 EPS. Resources Connection’s revenue was up 6.2% on a year-over-year basis. research analysts anticipate that Resources Connection will post 0.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be issued 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 is presently 82.76%.
A number of large investors have recently modified their holdings of RECN. Brandes Investment Partners LP boosted its holdings in Resources Connection by 133.4% in the fourth quarter. Brandes Investment Partners LP now owns 889,448 shares of the business services provider’s stock worth $13,742,000 after purchasing an additional 508,340 shares in the last quarter. Greenhouse Funds LLLP bought a new stake in Resources Connection in the fourth quarter worth $3,513,000. Amundi Pioneer Asset Management Inc. bought a new stake in Resources Connection in the fourth quarter worth $3,184,000. BlackRock Inc. boosted its holdings 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 worth $59,740,000 after purchasing an additional 198,853 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC boosted its holdings in Resources Connection by 649.0% in the third quarter. Grandeur Peak Global Advisors LLC now owns 179,000 shares of the business services provider’s stock worth $2,488,000 after purchasing an additional 155,100 shares in the last quarter. Hedge funds and other institutional investors own 80.12% 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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