Shares of Resources Connection, Inc. (NASDAQ:RECN) have been given a consensus rating of “Hold” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $15.33.
RECN has been the topic of several recent analyst reports. BidaskClub raised shares of Resources Connection from a “hold” rating to a “buy” rating in a research note on Wednesday, March 21st. Robert W. Baird reiterated a “hold” rating and set a $17.00 target price on shares of Resources Connection in a report on Thursday, April 5th. Zacks Investment Research upgraded shares of Resources Connection from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Wednesday, February 7th. JPMorgan Chase cut shares of Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 target price 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.
In other Resources Connection news, Director Michael H. Wargotz sold 6,200 shares of the stock in a transaction dated Monday, April 9th. The shares were sold at an average price of $15.36, for a total transaction of $95,232.00. Following the transaction, the director now directly owns 29,073 shares in the company, valued at approximately $446,561.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of RECN. Municipal Employees Retirement System of Michigan grew its holdings in 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 acquiring an additional 4,120 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Resources Connection in the 3rd quarter valued at about $164,000. SG Americas Securities LLC bought a new stake in shares of Resources Connection in the 3rd quarter valued at about $153,000. Macquarie Group Ltd. bought a new stake in shares of Resources Connection in the 3rd quarter valued at about $203,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Resources Connection by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 244,194 shares of the business services provider’s stock valued at $3,346,000 after buying an additional 11,033 shares in the last quarter. Institutional investors own 80.58% of the company’s stock.
RECN stock traded down $0.20 during trading on Friday, hitting $15.80. The company had a trading volume of 96,879 shares, compared to its average volume of 143,930. The company has a market capitalization of $496.37, a PE ratio of 21.00 and a beta of 1.14. Resources Connection has a 52-week low of $12.05 and a 52-week high of $17.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.30 and a quick ratio of 2.30.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Wednesday, April 4th. The business services provider reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.04. The company had revenue of $172.40 million for the quarter, compared to the consensus estimate of $170.50 million. Resources Connection had a net margin of 3.12% and a return on equity of 9.15%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.09 EPS. sell-side analysts forecast that Resources Connection will post 0.83 EPS for the current fiscal year.
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About Resources Connection
Resources Connection, Inc provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support.
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