Resources Connection (NASDAQ:RECN) Upgraded at BidaskClub

BidaskClub upgraded shares of Resources Connection (NASDAQ:RECN) from a hold rating to a buy rating in a report released on Thursday morning, BidAskClub reports.

Separately, Zacks Investment Research raised Resources Connection from a sell rating to a hold rating in a report on Wednesday.

Shares of Resources Connection stock traded up $0.11 during midday trading on Thursday, hitting $15.69. 112,678 shares of the company were exchanged, compared to its average volume of 173,309. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.06 and a quick ratio of 2.06. The firm has a market cap of $497.06 million, a P/E ratio of 15.23 and a beta of 1.14. Resources Connection has a 52 week low of $12.72 and a 52 week high of $17.93. The firm has a 50 day simple moving average of $14.95 and a 200-day simple moving average of $15.94.

Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Resources Connection had a return on equity of 11.31% and a net margin of 4.24%. The business had revenue of $172.20 million for the quarter, compared to analyst estimates of $173.02 million. During the same quarter in the previous year, the firm earned $0.18 EPS. Resources Connection’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts expect that Resources Connection will post 1.03 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 12th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Friday, November 8th. Resources Connection’s dividend payout ratio is currently 54.37%.

A number of large investors have recently added to or reduced their stakes in RECN. Public Employees Retirement System of Ohio grew its stake in Resources Connection by 104.5% during the second quarter. Public Employees Retirement System of Ohio now owns 1,867 shares of the business services provider’s stock worth $30,000 after buying an additional 954 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Resources Connection in the 3rd quarter worth approximately $150,000. Zebra Capital Management LLC bought a new stake in Resources Connection during the 3rd quarter worth approximately $185,000. Russell Investments Group Ltd. grew its position in 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 acquiring an additional 6,708 shares during the last quarter. Finally, Man Group plc acquired a new stake in Resources Connection during the 2nd quarter valued at $298,000. Hedge funds and other institutional investors own 81.89% 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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