Citadel Advisors LLC Acquires 20,622 Shares of Resources Connection, Inc. (RECN)
Citadel Advisors LLC increased its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 21.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 118,814 shares of the business services provider’s stock after purchasing an additional 20,622 shares during the period. Citadel Advisors LLC owned 0.40% of Resources Connection worth $1,628,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Parametric Portfolio Associates LLC grew its position in Resources Connection by 35.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 141,714 shares of the business services provider’s stock worth $1,941,000 after purchasing an additional 36,892 shares during the last quarter. Sapience Investments LLC increased its stake in Resources Connection by 16.6% in the second quarter. Sapience Investments LLC now owns 524,984 shares of the business services provider’s stock valued at $7,192,000 after purchasing an additional 74,930 shares during the period. California Public Employees Retirement System increased its stake in Resources Connection by 0.9% in the second quarter. California Public Employees Retirement System now owns 165,085 shares of the business services provider’s stock valued at $2,262,000 after purchasing an additional 1,500 shares during the period. Vanguard Group Inc. increased its stake in Resources Connection by 2.5% in the second quarter. Vanguard Group Inc. now owns 2,899,783 shares of the business services provider’s stock valued at $39,727,000 after purchasing an additional 69,492 shares during the period. Finally, Teachers Advisors LLC increased its stake in Resources Connection by 0.7% in the second quarter. Teachers Advisors LLC now owns 57,908 shares of the business services provider’s stock valued at $793,000 after purchasing an additional 387 shares during the period. Hedge funds and other institutional investors own 82.11% of the company’s stock.
A number of equities research analysts have recently commented on the stock. Robert W. Baird reaffirmed a “hold” rating and issued a $15.00 target price on shares of Resources Connection in a report on Friday, August 25th. Zacks Investment Research raised Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, September 21st. Deutsche Bank AG lowered their price target on Resources Connection from $14.00 to $12.00 and set a “sell” rating on the stock in a report on Friday, July 21st. Finally, BidaskClub cut Resources Connection from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $15.33.
Shares of Resources Connection, Inc. (NASDAQ:RECN) opened at 14.05 on Tuesday. The stock’s 50 day moving average price is $12.62 and its 200 day moving average price is $13.58. The stock has a market cap of $419.63 million, a PE ratio of 25.09 and a beta of 1.18. Resources Connection, Inc. has a 1-year low of $12.05 and a 1-year high of $19.80.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, July 20th. The business services provider reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.02). The company had revenue of $148.60 million during the quarter, compared to analyst estimates of $148.46 million. Resources Connection had a net margin of 3.20% and a return on equity of 8.08%. The business’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 earnings per share. On average, equities research analysts anticipate that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, August 24th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.42%. This is a boost from Resources Connection’s previous quarterly dividend of $0.11. The ex-dividend date was Tuesday, August 22nd. Resources Connection’s dividend payout ratio is presently 87.27%.
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.
Want to see what other hedge funds are holding RECN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Resources Connection, Inc. (NASDAQ:RECN).
Receive News & Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.