Wall Street brokerages predict that Resources Connection, Inc. (NASDAQ:RECN) will report $185.72 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Resources Connection’s earnings. The highest sales estimate is $188.00 million and the lowest is $183.44 million. Resources Connection posted sales of $188.80 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.6%. The firm is scheduled to issue its next earnings report on Thursday, January 2nd.
According to Zacks, analysts expect that Resources Connection will report full-year sales of $729.89 million for the current year, with estimates ranging from $721.33 million to $738.45 million. For the next year, analysts expect that the company will post sales of $731.37 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Resources Connection.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 2nd. The business services provider reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The business had revenue of $172.20 million during the quarter, compared to the consensus estimate of $173.02 million. Resources Connection had a return on equity of 11.31% and a net margin of 4.24%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS.
A number of hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Resources Connection by 31.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,250 shares of the business services provider’s stock valued at $596,000 after buying an additional 8,900 shares during the last quarter. Morgan Stanley grew its position in shares of Resources Connection by 130.6% in the 2nd quarter. Morgan Stanley now owns 196,126 shares of the business services provider’s stock valued at $3,140,000 after buying an additional 111,071 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Resources Connection in the 2nd quarter valued at about $2,463,000. Pacer Advisors Inc. bought a new stake in shares of Resources Connection in the 3rd quarter valued at about $150,000. Finally, Aperio Group LLC grew its position in shares of Resources Connection by 19.8% in the 2nd quarter. Aperio Group LLC now owns 21,676 shares of the business services provider’s stock valued at $347,000 after buying an additional 3,575 shares during the last quarter. Institutional investors and hedge funds own 81.87% of the company’s stock.
NASDAQ RECN traded down $0.04 during midday trading on Thursday, hitting $14.85. The company had a trading volume of 133,400 shares, compared to its average volume of 180,488. The company has a market capitalization of $480.73 million, a PE ratio of 14.42 and a beta of 1.12. Resources Connection has a twelve month low of $12.72 and a twelve month high of $17.93. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $15.15 and a 200-day moving average price of $16.06.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, November 12th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, November 8th. This represents a $0.56 dividend on an annualized basis and a yield of 3.77%. Resources Connection’s dividend payout ratio is currently 54.37%.
Resources Connection Company 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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