Separately, Zacks Investment Research cut Resources Connection from a hold rating to a sell rating in a report on Wednesday, July 24th.
Shares of RECN opened at $17.72 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.10 and a current ratio of 2.10. Resources Connection has a one year low of $12.72 and a one year high of $19.50. The stock has a market capitalization of $562.04 million, a price-to-earnings ratio of 17.24 and a beta of 1.19. The stock has a 50 day moving average price of $16.93 and a 200 day moving average price of $16.40.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Thursday, July 18th. The business services provider reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The firm had revenue of $182.10 million during the quarter, compared to analysts’ expectations of $182.44 million. Resources Connection had a return on equity of 11.96% and a net margin of 4.32%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 earnings per share. On average, analysts predict that Resources Connection will post 1.04 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 22nd were issued a $0.14 dividend. This is a boost from Resources Connection’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 3.16%. The ex-dividend date was Wednesday, August 21st. Resources Connection’s dividend payout ratio is presently 54.37%.
A number of large investors have recently modified their holdings of the business. Nuveen Asset Management LLC purchased a new stake in Resources Connection in the 2nd quarter valued at $2,463,000. D. E. Shaw & Co. Inc. grew its holdings in Resources Connection by 21.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 26,308 shares of the business services provider’s stock valued at $421,000 after buying an additional 4,656 shares in the last quarter. Morgan Stanley grew its holdings in Resources Connection by 130.6% in the 2nd quarter. Morgan Stanley now owns 196,126 shares of the business services provider’s stock valued at $3,140,000 after buying an additional 111,071 shares in the last quarter. Man Group plc purchased a new stake in Resources Connection in the 2nd quarter valued at $298,000. Finally, Bank of America Corp DE grew its holdings in Resources Connection by 20.5% in the 2nd quarter. Bank of America Corp DE now owns 61,667 shares of the business services provider’s stock valued at $987,000 after buying an additional 10,491 shares in the last quarter. Institutional investors own 82.31% of the company’s stock.
About Resources Connection
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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