Hotchkis & Wiley Capital Management LLC bought a new position in shares of Resources Connection, Inc. (NASDAQ:RECN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,553 shares of the business services provider’s stock, valued at approximately $188,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Resources Connection by 2.5% during the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock worth $39,727,000 after buying an additional 69,492 shares during the period. Royce & Associates LP grew its position in Resources Connection by 15.1% during the second quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after buying an additional 311,900 shares during the period. Palisade Capital Management LLC NJ grew its position in Resources Connection by 1.9% during the third quarter. Palisade Capital Management LLC NJ now owns 939,848 shares of the business services provider’s stock worth $13,064,000 after buying an additional 17,360 shares during the period. State Street Corp lifted its holdings in shares of Resources Connection by 4.0% in the second quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock valued at $11,912,000 after purchasing an additional 33,348 shares in the last quarter. Finally, Sapience Investments LLC lifted its holdings in shares of Resources Connection by 16.6% in the second quarter. Sapience Investments LLC now owns 524,984 shares of the business services provider’s stock valued at $7,192,000 after purchasing an additional 74,930 shares in the last quarter. Institutional investors own 80.99% of the company’s stock.
Several brokerages have issued reports on RECN. BidaskClub downgraded shares of Resources Connection from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Robert W. Baird reaffirmed a “hold” rating and issued a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. Zacks Investment Research downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Finally, Deutsche Bank reaffirmed a “sell” rating and issued a $13.00 price target (up previously from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Resources Connection presently has a consensus rating of “Hold” and an average price target of $15.00.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.12. Resources Connection had a net margin of 2.60% and a return on equity of 8.08%. The company had revenue of $141.20 million for the quarter, compared to the consensus estimate of $140.29 million. During the same quarter in the prior year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. equities research analysts expect that Resources Connection, Inc. will post 0.67 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 16th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, November 15th. Resources Connection’s dividend payout ratio (DPR) is presently 102.13%.
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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). 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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