Resources Connection (NASDAQ:RECN) Cut to Sell at BidaskClub

BidaskClub cut shares of Resources Connection (NASDAQ:RECN) from a hold rating to a sell rating in a report released on Friday, BidAskClub reports.

Separately, Zacks Investment Research cut shares of Resources Connection from a hold rating to a sell rating in a research report on Wednesday, January 8th.

Resources Connection stock opened at $16.28 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market capitalization of $521.40 million, a PE ratio of 16.28 and a beta of 1.17. The business has a 50 day simple moving average of $16.23 and a 200-day simple moving average of $16.05. Resources Connection has a 12 month low of $13.62 and a 12 month high of $17.93.

Resources Connection (NASDAQ:RECN) last announced its earnings results on Thursday, January 2nd. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.08. Resources Connection had a return on equity of 11.74% and a net margin of 4.52%. The firm had revenue of $184.51 million for the quarter, compared to analyst estimates of $183.00 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue was down 2.3% on a year-over-year basis. On average, equities research analysts anticipate that Resources Connection will post 0.97 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP grew its holdings in shares of Resources Connection by 24.6% during the 3rd quarter. First Trust Advisors LP now owns 67,912 shares of the business services provider’s stock worth $1,154,000 after purchasing an additional 13,410 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Resources Connection by 10.4% in the 3rd quarter. California Public Employees Retirement System now owns 112,683 shares of the business services provider’s stock worth $1,914,000 after acquiring an additional 10,633 shares during the last quarter. Zebra Capital Management LLC acquired a new position in shares of Resources Connection in the 3rd quarter worth approximately $185,000. Morgan Stanley lifted its holdings in shares of Resources Connection by 130.6% in the 2nd quarter. Morgan Stanley now owns 196,126 shares of the business services provider’s stock worth $3,140,000 after acquiring an additional 111,071 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Resources Connection by 111.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 12,740 shares of the business services provider’s stock worth $217,000 after purchasing an additional 6,708 shares during the period. 81.88% of the stock is currently owned by institutional investors.

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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