Capstone Asset Management Co. lowered its stake in Resources Connection Inc. (NASDAQ:RECN) by 2.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,043 shares of the company’s stock after selling 240 shares during the period. Capstone Asset Management Co.’s holdings in Resources Connection were worth $165,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Suntrust Banks Inc. raised its position in Resources Connection by 1.7% in the second quarter. Suntrust Banks Inc. now owns 21,715 shares of the company’s stock valued at $320,000 after buying an additional 372 shares in the last quarter. Anchor Capital Advisors LLC raised its position in Resources Connection by 0.8% in the second quarter. Anchor Capital Advisors LLC now owns 61,801 shares of the company’s stock valued at $913,000 after buying an additional 465 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Resources Connection by 0.4% in the second quarter. Thrivent Financial for Lutherans now owns 138,050 shares of the company’s stock valued at $2,041,000 after buying an additional 500 shares in the last quarter. ClariVest Asset Management LLC raised its position in Resources Connection by 0.7% in the second quarter. ClariVest Asset Management LLC now owns 124,095 shares of the company’s stock valued at $1,835,000 after buying an additional 900 shares in the last quarter. Finally, Strs Ohio raised its position in Resources Connection by 4.1% in the second quarter. Strs Ohio now owns 48,400 shares of the company’s stock valued at $715,000 after buying an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 87.39% of the company’s stock.
Shares of Resources Connection Inc. (NASDAQ:RECN) opened at 13.01 on Friday. Resources Connection Inc. has a 12 month low of $12.30 and a 12 month high of $18.71. The firm has a market capitalization of $470.55 million, a P/E ratio of 16.87 and a beta of 1.31. The company’s 50 day moving average price is $14.44 and its 200-day moving average price is $14.80.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. Resources Connection had a return on equity of 8.42% and a net margin of 4.88%. The business had revenue of $143.40 million for the quarter. During the same quarter in the previous year, the company earned $0.19 earnings per share. Resources Connection’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts predict that Resources Connection Inc. will post $0.82 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were issued a $0.11 dividend. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 22nd. This represents a $0.44 annualized dividend and a yield of 3.38%. Resources Connection’s dividend payout ratio is 57.14%.
Several research analysts have recently commented on the company. Deutsche Bank AG assumed coverage on Resources Connection in a report on Wednesday, August 17th. They set a “sell” rating and a $13.00 price target on the stock. Zacks Investment Research lowered Resources Connection from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Resources Connection in a report on Thursday, October 6th. Finally, Robert W. Baird lowered Resources Connection from an “outperform” rating to a “neutral” rating in a report on Thursday, October 6th.
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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