Resources Connection Inc. (NASDAQ:RECN) posted its earnings results on Wednesday. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The business had revenue of $143.40 million for the quarter, compared to analyst estimates of $187.46 million. Resources Connection had a return on equity of 8.86% and a net margin of 5.09%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.19 EPS.
Resources Connection (NASDAQ:RECN) opened at 14.97 on Thursday. The stock has a market cap of $542.59 million, a PE ratio of 18.48 and a beta of 1.31. The firm has a 50-day moving average price of $14.81 and a 200-day moving average price of $14.88. Resources Connection has a 12-month low of $12.30 and a 12-month high of $18.71.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Monday, August 22nd. This is a boost from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio is currently 54.32%.
Several institutional investors have recently added to or reduced their stakes in the stock. Walleye Trading LLC raised its stake in shares of Resources Connection by 136.7% in the second quarter. Walleye Trading LLC now owns 7,100 shares of the company’s stock worth $105,000 after buying an additional 4,100 shares during the last quarter. Mason Street Advisors LLC acquired a new stake in shares of Resources Connection during the second quarter worth approximately $106,000. BlackRock Inc. raised its stake in shares of Resources Connection by 223.8% in the second quarter. BlackRock Inc. now owns 9,357 shares of the company’s stock worth $139,000 after buying an additional 6,467 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock worth $170,000 after buying an additional 6,142 shares during the last quarter. Finally, Raymond James & Associates acquired a new stake in shares of Resources Connection during the second quarter worth approximately $179,000. Institutional investors and hedge funds own 87.39% of the company’s stock.
A number of analysts recently issued reports on RECN shares. Deutsche Bank AG started coverage on shares of Resources Connection in a research report on Wednesday, August 17th. They set a “sell” rating and a $13.00 target price for the company. Zacks Investment Research raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research report on Thursday, June 9th.
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). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
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