Wall Street analysts predict that Resources Connection, Inc. (NASDAQ:RECN) will post $173.13 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Resources Connection’s earnings, with estimates ranging from $173.05 million to $173.20 million. Resources Connection reported sales of $178.56 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 3%. The business is scheduled to report its next earnings results on Wednesday, October 2nd.
On average, analysts expect that Resources Connection will report full year sales of $731.91 million for the current financial year, with estimates ranging from $725.37 million to $738.45 million. For the next fiscal year, analysts expect that the business will post sales of $739.88 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Resources Connection.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Thursday, July 18th. The business services provider reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Resources Connection had a return on equity of 11.96% and a net margin of 4.32%. The business had revenue of $182.10 million for the quarter, compared to analyst estimates of $182.44 million. During the same period last year, the company earned $0.27 EPS. The firm’s revenue was down .9% on a year-over-year basis.
Shares of NASDAQ:RECN remained flat at $$16.67 during midday trading on Thursday. The stock had a trading volume of 50,585 shares, compared to its average volume of 174,850. Resources Connection has a 1-year low of $12.72 and a 1-year high of $19.50. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $536.63 million, a PE ratio of 16.18 and a beta of 1.17. The business has a 50 day moving average of $16.63 and a two-hundred day moving average of $16.44.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, August 21st. This is a positive change from Resources Connection’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 3.36%. Resources Connection’s payout ratio is currently 50.49%.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Resources Connection by 1.8% during the second quarter. BlackRock Inc. now owns 4,665,558 shares of the business services provider’s stock worth $74,695,000 after acquiring an additional 80,577 shares in the last quarter. Invesco Ltd. lifted its holdings in Resources Connection by 7.8% during the second quarter. Invesco Ltd. now owns 854,098 shares of the business services provider’s stock worth $13,674,000 after acquiring an additional 61,975 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Resources Connection by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 653,615 shares of the business services provider’s stock worth $9,281,000 after acquiring an additional 16,398 shares in the last quarter. Sapience Investments LLC lifted its holdings in Resources Connection by 2.6% during the first quarter. Sapience Investments LLC now owns 535,514 shares of the business services provider’s stock worth $8,857,000 after acquiring an additional 13,649 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Resources Connection by 0.4% during the fourth quarter. Bank of New York Mellon Corp now owns 524,086 shares of the business services provider’s stock worth $7,442,000 after acquiring an additional 2,010 shares in the last quarter. Hedge funds and other institutional investors own 82.23% of the company’s stock.
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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