Resources Connection (RECN) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Resources Connection (NASDAQ:RECN) from a buy rating to a hold rating in a research report sent to investors on Friday.
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 brokerages have also commented on RECN. BidaskClub upgraded Resources Connection from a hold rating to a buy rating in a report on Thursday, January 11th. TheStreet upgraded Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. Robert W. Baird reiterated a hold rating and set a $15.00 price objective on shares of Resources Connection in a report on Friday, November 10th. Finally, JPMorgan Chase & Co. lowered Resources Connection from a neutral rating to an underweight rating and set a $16.00 price objective for the company. in a report on Thursday, January 4th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Resources Connection has an average rating of Hold and an average target price of $15.25.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The company had revenue of $156.70 million during the quarter, compared to analyst estimates of $152.91 million. During the same quarter in the prior year, the business earned $0.26 earnings per share. Resources Connection’s revenue was up 6.2% on a year-over-year basis. equities analysts forecast that Resources Connection will post 0.83 EPS for the current year.
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 issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.48 annualized dividend and a dividend yield of 3.20%. Resources Connection’s dividend payout ratio is presently 82.76%.
Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Resources Connection by 4.0% during the 2nd quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock valued at $11,912,000 after purchasing an additional 33,348 shares during the last quarter. Palisade Capital Management LLC NJ raised its stake in Resources Connection by 1.9% in the 3rd quarter. Palisade Capital Management LLC NJ now owns 939,848 shares of the business services provider’s stock worth $13,064,000 after acquiring an additional 17,360 shares during the last quarter. Dupont Capital Management Corp purchased a new position in Resources Connection in the 3rd quarter worth $979,000. South Dakota Investment Council raised its stake in Resources Connection by 41.4% in the 3rd quarter. South Dakota Investment Council now owns 113,200 shares of the business services provider’s stock worth $1,573,000 after acquiring an additional 33,116 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Resources Connection by 13.8% in the 3rd quarter. Rhumbline Advisers now owns 111,722 shares of the business services provider’s stock worth $1,553,000 after acquiring an additional 13,548 shares during the last quarter. Hedge funds and other institutional investors own 77.54% of the company’s stock.
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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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