Shares of Resources Connection, Inc. (NASDAQ:RECN) have received a consensus rating of “Hold” from the six brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $16.50.
RECN has been the subject of a number of research reports. ValuEngine upgraded Resources Connection from a “hold” rating to a “buy” rating in a report on Tuesday, July 31st. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Wednesday, October 10th. Finally, BidaskClub upgraded Resources Connection from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 5th.
NASDAQ RECN opened at $16.20 on Wednesday. Resources Connection has a 12 month low of $13.20 and a 12 month high of $19.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a market cap of $517.62 million, a PE ratio of 16.53 and a beta of 1.04.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Friday, November 9th. Resources Connection’s payout ratio is currently 53.06%.
In other news, Director Anthony Cherbak sold 20,000 shares of the business’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $18.59, for a total transaction of $371,800.00. Following the completion of the sale, the director now owns 33,500 shares in the company, valued at approximately $622,765. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John D. Bower sold 7,500 shares of the business’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $18.93, for a total value of $141,975.00. Following the sale, the chief accounting officer now owns 20,291 shares of the company’s stock, valued at approximately $384,108.63. The disclosure for this sale can be found here. 9.80% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Northern Trust Corp boosted its holdings in Resources Connection by 0.8% in the 2nd quarter. Northern Trust Corp now owns 392,222 shares of the business services provider’s stock worth $6,629,000 after acquiring an additional 3,104 shares during the period. Acadian Asset Management LLC boosted its holdings in Resources Connection by 6.2% in the 3rd quarter. Acadian Asset Management LLC now owns 59,241 shares of the business services provider’s stock worth $983,000 after acquiring an additional 3,473 shares during the period. Legal & General Group Plc boosted its holdings in Resources Connection by 6.9% in the 2nd quarter. Legal & General Group Plc now owns 58,626 shares of the business services provider’s stock worth $999,000 after acquiring an additional 3,765 shares during the period. Raymond James & Associates boosted its holdings in Resources Connection by 6.3% in the 2nd quarter. Raymond James & Associates now owns 79,358 shares of the business services provider’s stock worth $1,341,000 after acquiring an additional 4,710 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Resources Connection by 75.1% in the 2nd quarter. SG Americas Securities LLC now owns 11,666 shares of the business services provider’s stock worth $197,000 after acquiring an additional 5,002 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.
Resources Connection Company Profile
Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.
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