Rhumbline Advisers Acquires 28,933 Shares of Resources Connection, Inc. (NASDAQ:RECN)

Rhumbline Advisers raised its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 21.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 164,071 shares of the business services provider’s stock after purchasing an additional 28,933 shares during the period. Rhumbline Advisers owned about 0.51% of Resources Connection worth $2,788,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Campbell & CO Investment Adviser LLC raised its position in Resources Connection by 437.5% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 62,178 shares of the business services provider’s stock valued at $1,056,000 after purchasing an additional 50,610 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Resources Connection during the 3rd quarter valued at $2,411,000. Pacer Advisors Inc. bought a new stake in Resources Connection during the 3rd quarter valued at $150,000. State of Alaska Department of Revenue raised its position in Resources Connection by 124.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 23,000 shares of the business services provider’s stock valued at $390,000 after purchasing an additional 12,753 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new stake in Resources Connection during the 2nd quarter valued at $2,463,000. 81.85% of the stock is owned by institutional investors and hedge funds.

Shares of RECN traded up $0.22 during trading hours on Tuesday, hitting $15.09. The company had a trading volume of 1,762 shares, compared to its average volume of 173,778. The company has a market capitalization of $475.60 million, a PE ratio of 14.65 and a beta of 1.12. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.38. Resources Connection, Inc. has a one year low of $12.72 and a one year high of $17.93. The company’s fifty day moving average price is $15.04 and its two-hundred day moving average price is $16.05.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The firm had revenue of $172.20 million during the quarter, compared to analyst estimates of $173.02 million. Resources Connection had a return on equity of 11.31% and a net margin of 4.24%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 EPS. Analysts forecast that Resources Connection, Inc. will post 1.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, November 8th. This represents a $0.56 annualized dividend and a yield of 3.71%. Resources Connection’s dividend payout ratio (DPR) is 54.37%.

A number of brokerages have weighed in on RECN. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a research report on Friday. BidaskClub raised Resources Connection from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th.

About Resources Connection

Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.

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Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

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