Analysts expect Resources Connection, Inc. (NASDAQ:RECN) to announce sales of $185.05 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Resources Connection’s earnings, with the lowest sales estimate coming in at $184.99 million and the highest estimate coming in at $185.10 million. Resources Connection reported sales of $156.74 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.1%. The business is expected to report its next earnings report on Wednesday, January 2nd.
On average, analysts expect that Resources Connection will report full year sales of $738.28 million for the current financial year, with estimates ranging from $737.58 million to $738.98 million. For the next year, analysts expect that the company will report sales of $766.29 million, with estimates ranging from $759.70 million to $772.88 million. Zacks’ sales averages are an average based on a survey of analysts that follow Resources Connection.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, October 3rd. The business services provider reported $0.18 EPS for the quarter, beating the consensus estimate of $0.11 by $0.07. Resources Connection had a net margin of 3.25% and a return on equity of 10.89%. The business had revenue of $178.60 million during the quarter, compared to the consensus estimate of $173.60 million. During the same period in the previous year, the business earned $0.12 earnings per share. The company’s revenue was up 26.5% on a year-over-year basis.
Several research analysts have commented on the stock. Zacks Investment Research downgraded shares of Resources Connection from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 24th. ValuEngine downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, BidaskClub upgraded shares of Resources Connection from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $18.00.
RECN traded down $0.16 during trading on Tuesday, hitting $16.56. 1,016 shares of the stock traded hands, compared to its average volume of 194,584. Resources Connection has a twelve month low of $13.20 and a twelve month high of $19.50. The company has a market cap of $522.98 million, a P/E ratio of 16.88 and a beta of 1.02. 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Tuesday, November 13th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.14%. Resources Connection’s payout ratio is presently 53.06%.
In other Resources Connection news, Director Anthony Cherbak sold 20,000 shares of the business’s stock in a transaction on Thursday, October 4th. The shares were sold at an average price of $18.59, for a total transaction of $371,800.00. Following the sale, the director now owns 33,500 shares of the company’s stock, valued at $622,765. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO John D. Bower sold 7,500 shares of the business’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $18.93, for a total transaction of $141,975.00. Following the sale, the chief accounting officer now directly owns 20,291 shares in the company, valued at approximately $384,108.63. The disclosure for this sale can be found here. Insiders own 9.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Piedmont Investment Advisors LLC bought a new stake in shares of Resources Connection during the second quarter worth $117,000. Barclays PLC grew its stake in shares of Resources Connection by 125.2% during the first quarter. Barclays PLC now owns 11,076 shares of the business services provider’s stock worth $179,000 after buying an additional 6,158 shares during the last quarter. Ramsey Quantitative Systems grew its stake in shares of Resources Connection by 135.7% during the third quarter. Ramsey Quantitative Systems now owns 10,822 shares of the business services provider’s stock worth $180,000 after buying an additional 6,231 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Resources Connection by 75.1% during the second quarter. SG Americas Securities LLC now owns 11,666 shares of the business services provider’s stock worth $197,000 after buying an additional 5,002 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Resources Connection by 69.8% during the second quarter. Russell Investments Group Ltd. now owns 16,300 shares of the business services provider’s stock worth $275,000 after buying an additional 6,700 shares during the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
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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