California Public Employees Retirement System decreased its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 21.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,283 shares of the business services provider’s stock after selling 34,325 shares during the quarter. California Public Employees Retirement System’s holdings in Resources Connection were worth $2,072,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Investors Research Corp acquired a new position in Resources Connection during the first quarter worth about $83,000. BNP Paribas Arbitrage SA raised its stake in Resources Connection by 134.2% during the first quarter. BNP Paribas Arbitrage SA now owns 6,878 shares of the business services provider’s stock worth $114,000 after acquiring an additional 3,941 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Resources Connection by 451.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,296 shares of the business services provider’s stock worth $146,000 after acquiring an additional 8,430 shares in the last quarter. Bank of Montreal Can raised its stake in Resources Connection by 1,204.3% during the fourth quarter. Bank of Montreal Can now owns 10,369 shares of the business services provider’s stock worth $147,000 after acquiring an additional 9,574 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund acquired a new position in Resources Connection during the fourth quarter worth about $160,000. 81.51% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Susan J. Crawford sold 5,894 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $15.08, for a total value of $88,881.52. Following the completion of the transaction, the director now owns 34,273 shares of the company’s stock, valued at $516,836.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.80% of the company’s stock.
Resources Connection stock opened at $15.85 on Wednesday. Resources Connection, Inc. has a 1 year low of $12.72 and a 1 year high of $19.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.44 and a quick ratio of 2.44. The company has a market capitalization of $502.08 million, a PE ratio of 16.17 and a beta of 1.14.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Wednesday, April 3rd. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Resources Connection had a net margin of 3.57% and a return on equity of 11.85%. The firm had revenue of $179.50 million during the quarter, compared to analyst estimates of $184.22 million. During the same period in the prior year, the company earned $0.18 EPS. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Resources Connection, Inc. will post 0.96 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 16th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Wednesday, May 15th. Resources Connection’s dividend payout ratio is currently 53.06%.
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Resources Connection Profile
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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