Victory Capital Management Inc. boosted its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 16.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,645 shares of the business services provider’s stock after purchasing an additional 12,472 shares during the period. Victory Capital Management Inc. owned 0.28% of Resources Connection worth $1,380,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Palisade Capital Management LLC NJ increased its stake in Resources Connection by 3.8% during the fourth quarter. Palisade Capital Management LLC NJ now owns 1,362,646 shares of the business services provider’s stock valued at $22,252,000 after acquiring an additional 49,379 shares during the period. Rhumbline Advisers increased its stake in Resources Connection by 21.4% during the third quarter. Rhumbline Advisers now owns 164,071 shares of the business services provider’s stock valued at $2,788,000 after acquiring an additional 28,933 shares during the period. Squarepoint Ops LLC increased its stake in Resources Connection by 141.2% during the third quarter. Squarepoint Ops LLC now owns 39,069 shares of the business services provider’s stock valued at $664,000 after acquiring an additional 22,868 shares during the period. First Trust Advisors LP increased its stake in Resources Connection by 24.6% during the third quarter. First Trust Advisors LP now owns 67,912 shares of the business services provider’s stock valued at $1,154,000 after acquiring an additional 13,410 shares during the period. Finally, Zebra Capital Management LLC bought a new position in Resources Connection during the third quarter valued at about $185,000. 84.52% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Jennifer Y. Ryu sold 1,586 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $16.03, for a total value of $25,423.58. Following the sale, the chief financial officer now directly owns 862 shares in the company, valued at approximately $13,817.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 10.50% of the company’s stock.
RECN traded down $0.22 on Friday, hitting $12.19. 3,562 shares of the stock traded hands, compared to its average volume of 125,596. Resources Connection, Inc. has a 52 week low of $12.34 and a 52 week high of $17.93. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $410.59 million, a PE ratio of 12.27 and a beta of 1.21. The business has a fifty day moving average price of $15.13 and a two-hundred day moving average price of $15.69.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Thursday, January 2nd. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $0.33 earnings per share. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts forecast that Resources Connection, Inc. will post 0.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 20th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $0.56 annualized dividend and a dividend yield of 4.59%. Resources Connection’s dividend payout ratio is currently 54.37%.
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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