JPMorgan Chase & Co. reduced its stake in shares of Resources Connection Inc. (NASDAQ:RECN) by 16.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 239,261 shares of the company’s stock after selling 48,629 shares during the period. JPMorgan Chase & Co. owned about 0.66% of Resources Connection worth $3,536,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position 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 valued at $170,000 after buying an additional 6,142 shares during the period. Airain ltd purchased a new position in shares of Resources Connection during the second quarter valued at about $193,000. Springbok Capital Management LLC raised its position in shares of Resources Connection by 65.2% in the first quarter. Springbok Capital Management LLC now owns 13,300 shares of the company’s stock valued at $207,000 after buying an additional 5,248 shares during the period. Bank of Montreal Can purchased a new position in shares of Resources Connection during the second quarter valued at about $240,000. Finally, Suntrust Banks Inc. raised its position in shares of 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 during the period. 87.16% of the stock is owned by institutional investors.
Resources Connection Inc. (NASDAQ:RECN) traded up 12.71% during trading on Tuesday, hitting $14.72. 216,040 shares of the stock were exchanged. The firm’s 50-day moving average is $14.32 and its 200 day moving average is $14.76. Resources Connection Inc. has a 52 week low of $12.30 and a 52 week high of $18.71. The firm has a market cap of $532.39 million, a PE ratio of 19.09 and a beta of 1.31.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $143.40 million for the quarter. Resources Connection had a net margin of 4.88% and a return on equity of 8.42%. Resources Connection’s revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.19 EPS. Analysts expect that Resources Connection Inc. will post $0.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 24th were issued a dividend of $0.11 per share. This is a boost from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Monday, August 22nd. Resources Connection’s dividend payout ratio (DPR) is currently 57.14%.
A number of equities analysts recently weighed in on RECN shares. Zacks Investment Research lowered shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Deutsche Bank AG started coverage on shares of Resources Connection in a research note on Wednesday, August 17th. They issued a “sell” rating and a $13.00 target price for the company. Robert W. Baird lowered shares of Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 6th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Resources Connection in a research note 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.
Want to see what other hedge funds are holding RECN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Resources Connection Inc. (NASDAQ:RECN).
Receive News & Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related companies with MarketBeat.com's FREE daily email newsletter.