Palisade Capital Management LLC NJ increased its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 922,488 shares of the business services provider’s stock after buying an additional 22,225 shares during the period. Palisade Capital Management LLC NJ owned 3.09% of Resources Connection worth $12,638,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new stake in Resources Connection during the first quarter worth $116,000. Mason Street Advisors LLC increased its stake in Resources Connection by 7.7% in the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock worth $116,000 after buying an additional 499 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Resources Connection by 1.2% in the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock worth $143,000 after buying an additional 104 shares during the last quarter. Aperio Group LLC bought a new stake in Resources Connection during the second quarter worth $171,000. Finally, Tudor Investment Corp ET AL bought a new stake in Resources Connection during the first quarter worth $173,000. Institutional investors own 83.52% of the company’s stock.
Resources Connection, Inc. (NASDAQ RECN) opened at 13.30 on Tuesday. The company has a market cap of $397.23 million, a price-to-earnings ratio of 23.75 and a beta of 1.20. Resources Connection, Inc. has a one year low of $12.41 and a one year high of $19.80. The company has a 50-day moving average of $13.67 and a 200-day moving average of $14.84.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Resources Connection had a return on equity of 7.55% and a net margin of 2.99%. The business had revenue of $148.60 million for the quarter, compared to analysts’ expectations of $148.46 million. During the same period in the previous year, the firm posted $0.23 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities research analysts expect that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, August 24th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, August 22nd. This represents a $0.48 annualized dividend and a yield of 3.61%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s dividend payout ratio is currently 80.00%.
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A number of equities research analysts have recently weighed in on RECN shares. TheStreet downgraded shares of Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. Zacks Investment Research upgraded shares of Resources Connection from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub downgraded shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG dropped their price objective on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Resources Connection presently has an average rating of “Sell” and an average target price of $15.50.
About Resources Connection
Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
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