Resources Connection (NASDAQ:RECN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $17.00 price target on the business services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.28% from the company’s current price.
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 research analysts have also recently commented on RECN. Robert W. Baird restated a “hold” rating and issued a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. BidaskClub cut shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. JPMorgan Chase & Co. cut shares of Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 price target on the stock. in a report on Thursday, January 4th. Finally, TheStreet upgraded shares of Resources Connection from a “c+” rating to a “b” rating in a report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $15.25.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. The firm had revenue of $156.70 million for the quarter, compared to analysts’ expectations of $152.91 million. Resources Connection had a net margin of 2.98% and a return on equity of 8.25%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. equities research analysts expect that Resources Connection will post 0.83 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Resources Connection in the third quarter worth about $153,000. Municipal Employees Retirement System of Michigan lifted its stake in Resources Connection by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock worth $155,000 after acquiring an additional 4,120 shares during the period. Aperio Group LLC purchased a new stake in Resources Connection in the fourth quarter worth about $157,000. Russell Investments Group Ltd. purchased a new stake in Resources Connection in the third quarter worth about $164,000. Finally, Jane Street Group LLC purchased a new stake in Resources Connection in the third quarter worth about $171,000. 78.68% of the stock is owned by institutional investors.
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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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