Dimensional Fund Advisors LP lessened its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 0.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,492,126 shares of the business services provider’s stock after selling 8,029 shares during the period. Dimensional Fund Advisors LP owned about 8.34% of Resources Connection worth $34,142,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RECN. Royce & Associates LP grew its holdings in Resources Connection by 15.1% during the 2nd quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after acquiring an additional 311,900 shares in the last quarter. Brandes Investment Partners LP grew its holdings in Resources Connection by 51.2% during the 2nd quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock worth $4,994,000 after acquiring an additional 123,466 shares in the last quarter. Morgan Stanley grew its holdings in Resources Connection by 27.2% during the 1st quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after acquiring an additional 83,386 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Resources Connection by 50.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock worth $3,195,000 after acquiring an additional 77,780 shares in the last quarter. Finally, AXA acquired a new position in Resources Connection during the 2nd quarter worth approximately $1,062,000. Institutional investors own 81.88% of the company’s stock.
Several research analysts have commented on RECN shares. Robert W. Baird reiterated a “hold” rating and set a $15.00 price target on shares of Resources Connection in a report on Friday, August 25th. Zacks Investment Research cut shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Deutsche Bank AG reiterated a “sell” rating and set a $13.00 price target (up previously from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Finally, BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $15.00.
Resources Connection, Inc. (NASDAQ:RECN) opened at 15.60 on Monday. The firm’s 50-day moving average is $13.99 and its 200 day moving average is $13.48. The firm has a market cap of $466.42 million, a PE ratio of 32.37 and a beta of 1.18. Resources Connection, Inc. has a 12-month low of $12.05 and a 12-month high of $19.80.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings data on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. The company had revenue of $141.20 million for the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a net margin of 2.60% and a return on equity of 8.08%. The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 earnings per share. Equities research analysts predict that Resources Connection, Inc. will post $0.69 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.08%. Resources Connection’s dividend payout ratio is currently 102.13%.
Resources Connection Company Profile
Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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