Prudential Financial Inc. Has $800,000 Position in Resources Connection, Inc. (RECN)
Prudential Financial Inc. lessened its holdings in Resources Connection, Inc. (NASDAQ:RECN) by 7.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,548 shares of the business services provider’s stock after selling 4,940 shares during the quarter. Prudential Financial Inc. owned 0.19% of Resources Connection worth $800,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Texas Permanent School Fund raised its position in Resources Connection by 0.6% in the 2nd quarter. Texas Permanent School Fund now owns 21,651 shares of the business services provider’s stock worth $297,000 after purchasing an additional 130 shares during the period. Wells Fargo & Company MN increased its position in shares of Resources Connection by 1.5% in the second quarter. Wells Fargo & Company MN now owns 25,126 shares of the business services provider’s stock valued at $343,000 after acquiring an additional 380 shares during the period. Teachers Advisors LLC increased its position in shares of 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 acquiring an additional 387 shares during the period. AHL Partners LLP increased its position in shares of Resources Connection by 8.7% in the second quarter. AHL Partners LLP now owns 15,851 shares of the business services provider’s stock valued at $217,000 after acquiring an additional 1,262 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of 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 acquiring an additional 1,500 shares during the period. Institutional investors own 80.99% of the company’s stock.
A number of equities analysts have issued reports on RECN shares. Robert W. Baird restated a “hold” rating and issued a $15.00 price objective on shares of Resources Connection in a research report on Friday, August 25th. Zacks Investment Research upgraded shares of Resources Connection from a “sell” rating to a “hold” rating in a research report on Thursday, September 21st. Deutsche Bank restated a “sell” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Resources Connection in a research report on Friday, October 6th. Finally, BidaskClub cut shares of Resources Connection from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Two research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $15.00.
Resources Connection, Inc. (NASDAQ RECN) opened at $15.50 on Friday. Resources Connection, Inc. has a 52-week low of $12.05 and a 52-week high of $19.80. The stock has a market cap of $468.49, a PE ratio of 26.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82.
Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Wednesday, October 4th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. The firm had revenue of $141.20 million for the quarter, compared to analysts’ expectations of $140.29 million. Resources Connection had a net margin of 2.60% and a return on equity of 8.08%. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.15 earnings per share. equities research analysts expect that Resources Connection, Inc. will post 0.67 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, November 15th. Resources Connection’s payout ratio is 102.13%.
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Resources Connection Company Profile
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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