Resources Connection, Inc. (RECN) Shares Bought by Royce & Associates LP
Royce & Associates LP increased its position in Resources Connection, Inc. (NASDAQ:RECN) by 15.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,373,739 shares of the business services provider’s stock after buying an additional 311,900 shares during the period. Royce & Associates LP owned approximately 7.95% of Resources Connection worth $32,520,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley boosted its position in Resources Connection by 27.2% in the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after buying an additional 83,386 shares during the period. Fisher Asset Management LLC boosted its position in Resources Connection by 40.9% in the second quarter. Fisher Asset Management LLC now owns 188,942 shares of the business services provider’s stock worth $2,589,000 after buying an additional 54,863 shares during the period. Ameriprise Financial Inc. boosted its position in Resources Connection by 14.2% in the first quarter. Ameriprise Financial Inc. now owns 328,960 shares of the business services provider’s stock worth $5,510,000 after buying an additional 40,976 shares during the period. KBC Group NV bought a new position in Resources Connection during the first quarter worth about $646,000. Finally, Citadel Advisors LLC boosted its position in Resources Connection by 60.8% in the first quarter. Citadel Advisors LLC now owns 98,192 shares of the business services provider’s stock worth $1,644,000 after buying an additional 37,137 shares during the period. 84.08% of the stock is currently owned by institutional investors.
Resources Connection, Inc. (RECN) opened at 12.30 on Friday. Resources Connection, Inc. has a 52-week low of $12.05 and a 52-week high of $19.80. The stock’s 50 day moving average is $13.25 and its 200-day moving average is $14.34. The company has a market cap of $367.36 million, a PE ratio of 21.96 and a beta of 1.20.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.02. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The firm had revenue of $148.60 million during the quarter, compared to the consensus estimate of $148.46 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. Equities research analysts predict that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th will be issued a $0.12 dividend. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Tuesday, August 22nd. Resources Connection’s dividend payout ratio (DPR) is currently 87.27%.
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RECN has been the topic of a number of research analyst reports. Deutsche Bank AG cut their price objective on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a research report on Friday, July 21st. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a research report on Friday, May 26th. Finally, BidaskClub cut shares of Resources Connection from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Resources Connection has a consensus rating of “Sell” and a consensus price target of $15.50.
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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