Resources Connection, Inc. (RECN) Expected to Post Quarterly Sales of $184.03 Million

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Brokerages expect Resources Connection, Inc. (NASDAQ:RECN) to announce $184.03 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Resources Connection’s earnings. The lowest sales estimate is $183.62 million and the highest is $184.44 million. Resources Connection reported sales of $172.41 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.7%. The business is expected to report its next earnings results after the market closes on Wednesday, April 3rd.

On average, analysts expect that Resources Connection will report full-year sales of $743.19 million for the current financial year, with estimates ranging from $742.13 million to $744.25 million. For the next year, analysts forecast that the company will post sales of $768.73 million, with estimates ranging from $760.72 million to $776.73 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Resources Connection.

Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, January 3rd. The business services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.23 by $0.10. Resources Connection had a return on equity of 11.77% and a net margin of 3.44%. The business had revenue of $188.80 million for the quarter, compared to the consensus estimate of $185.05 million.

Several equities analysts have recently weighed in on the company. BidaskClub cut Resources Connection from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Zacks Investment Research cut Resources Connection from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 7th. Finally, Robert W. Baird lowered their price target on Resources Connection from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, January 4th. Four equities research analysts have rated the stock with a hold rating, Resources Connection presently has a consensus rating of “Hold” and a consensus target price of $17.00.

Shares of RECN opened at $16.33 on Friday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.21. Resources Connection has a 12 month low of $12.72 and a 12 month high of $19.50. The firm has a market cap of $538.69 million, a price-to-earnings ratio of 16.66 and a beta of 1.22.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Wednesday, February 13th were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, February 12th. This represents a $0.52 annualized dividend and a dividend yield of 3.18%. Resources Connection’s payout ratio is 53.06%.

In related news, CEO Kate W. Duchene sold 22,157 shares of the firm’s stock in a transaction on Friday, January 25th. The stock was sold at an average price of $16.57, for a total value of $367,141.49. Following the completion of the transaction, the chief executive officer now directly owns 107,797 shares of the company’s stock, valued at $1,786,196.29. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anthony Cherbak sold 31,750 shares of the firm’s stock in a transaction on Friday, January 4th. The stock was sold at an average price of $15.79, for a total value of $501,332.50. Following the completion of the transaction, the director now directly owns 52,429 shares of the company’s stock, valued at $827,853.91. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 200,057 shares of company stock valued at $3,295,663. 9.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc lifted its holdings in shares of Resources Connection by 8.6% during the third quarter. Legal & General Group Plc now owns 63,690 shares of the business services provider’s stock valued at $1,056,000 after acquiring an additional 5,064 shares during the period. Grandeur Peak Global Advisors LLC lifted its holdings in shares of Resources Connection by 4.9% during the third quarter. Grandeur Peak Global Advisors LLC now owns 328,313 shares of the business services provider’s stock valued at $5,450,000 after acquiring an additional 15,484 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Resources Connection by 168.7% during the fourth quarter. Acadian Asset Management LLC now owns 159,164 shares of the business services provider’s stock valued at $2,261,000 after acquiring an additional 99,923 shares during the period. First Trust Advisors LP bought a new position in shares of Resources Connection during the third quarter valued at $757,000. Finally, Bank of Montreal Can lifted its holdings in shares of Resources Connection by 1,204.3% during the fourth quarter. Bank of Montreal Can now owns 10,369 shares of the business services provider’s stock valued at $147,000 after acquiring an additional 9,574 shares during the period. 81.09% of the stock is owned by 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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