Zacks Investment Research Upgrades Resources Connection (RECN) to Buy

Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $18.00 price target on the business services provider’s stock.

According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “

A number of other equities analysts have also recently issued reports on the company. TheStreet upgraded Resources Connection from a c+ rating to a b rating in a report on Thursday, January 4th. JPMorgan Chase & Co. cut Resources Connection from a neutral rating to an underweight rating and set a $16.00 target price for the company. in a report on Thursday, January 4th. BidaskClub cut Resources Connection from a buy rating to a hold rating in a report on Tuesday, December 12th. Robert W. Baird reiterated a hold rating and issued a $15.00 target price on shares of Resources Connection in a report on Friday, November 10th. Finally, Deutsche Bank reiterated a sell rating and issued a $13.00 target price (up from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Resources Connection presently has an average rating of Hold and an average target price of $15.50.

Resources Connection (NASDAQ RECN) opened at $16.60 on Tuesday. Resources Connection has a 1-year low of $12.05 and a 1-year high of $17.58. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $528.66, a price-to-earnings ratio of 25.53 and a beta of 1.18.

Resources Connection (NASDAQ:RECN) last posted its quarterly earnings data on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The company had revenue of $156.70 million during the quarter, compared to analysts’ expectations of $152.91 million. During the same quarter in the previous year, the business earned $0.26 EPS. Resources Connection’s revenue was up 6.2% compared to the same quarter last year. equities analysts expect that Resources Connection will post 0.83 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, December 14th. Shareholders of record on Thursday, November 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Wednesday, November 15th. Resources Connection’s dividend payout ratio is 82.76%.

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Resources Connection by 2.5% in the 2nd 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 lifted its holdings in shares of Resources Connection by 6.4% in the 3rd quarter. Royce & Associates LP now owns 2,525,499 shares of the business services provider’s stock worth $35,104,000 after buying an additional 151,760 shares during the period. Palisade Capital Management LLC NJ lifted its holdings in shares of Resources Connection by 1.9% in the 3rd 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 stake in shares of Resources Connection by 4.0% during the 2nd quarter. State Street Corp now owns 869,657 shares of the business services provider’s stock worth $11,912,000 after purchasing an additional 33,348 shares during the last quarter. Finally, Sapience Investments LLC lifted its stake in shares of Resources Connection by 16.6% during the 2nd quarter. Sapience Investments LLC now owns 524,984 shares of the business services provider’s stock worth $7,192,000 after purchasing an additional 74,930 shares during the last quarter. Institutional investors and hedge funds own 80.99% of the company’s stock.

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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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