Royce & Associates LP trimmed its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 4.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,404,806 shares of the business services provider’s stock after selling 120,693 shares during the period. Royce & Associates LP owned 0.08% of Resources Connection worth $37,154,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Aperio Group LLC purchased a new position in shares of Resources Connection during the 4th quarter worth approximately $157,000. SG Americas Securities LLC purchased a new position in shares of Resources Connection during the 3rd quarter worth approximately $153,000. Municipal Employees Retirement System of Michigan raised its stake in shares of Resources Connection by 58.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock worth $155,000 after buying an additional 4,120 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Resources Connection during the 3rd quarter worth approximately $164,000. Finally, Algert Global LLC purchased a new position in shares of Resources Connection during the 4th quarter worth approximately $184,000. 78.68% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on RECN shares. Robert W. Baird reissued a “hold” rating and set a $15.00 target price on shares of Resources Connection in a research note on Friday, November 10th. BidaskClub downgraded Resources Connection from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. JPMorgan Chase & Co. downgraded Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 target price for the company. in a research note on Thursday, January 4th. TheStreet raised Resources Connection from a “c+” rating to a “b” rating in a research note on Thursday, January 4th. Finally, Zacks Investment Research raised Resources Connection from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Resources Connection currently has an average rating of “Hold” and a consensus price target of $15.25.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The business had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $152.91 million. Resources Connection had a return on equity of 8.25% and a net margin of 2.98%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. analysts expect that Resources Connection, Inc. will post 0.83 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Wednesday, February 14th. Resources Connection’s dividend payout ratio (DPR) is presently 82.76%.
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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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