Resources Connection, Inc. (RECN) Shares Bought by Palisade Capital Management LLC NJ
Palisade Capital Management LLC NJ boosted its position in shares of Resources Connection, Inc. (NASDAQ:RECN) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 939,848 shares of the business services provider’s stock after purchasing an additional 17,360 shares during the period. Palisade Capital Management LLC NJ owned 3.12% of Resources Connection worth $13,064,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RECN. Royce & Associates LP grew its position in Resources Connection by 15.1% during the 2nd quarter. Royce & Associates LP now owns 2,373,739 shares of the business services provider’s stock worth $32,520,000 after purchasing an additional 311,900 shares in the last quarter. Brandes Investment Partners LP grew its holdings in shares of Resources Connection by 51.2% during the 2nd quarter. Brandes Investment Partners LP now owns 364,565 shares of the business services provider’s stock valued at $4,994,000 after acquiring an additional 123,466 shares in the last quarter. Morgan Stanley grew its holdings in shares of Resources Connection by 27.2% during the 1st quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock valued at $6,527,000 after acquiring an additional 83,386 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Resources Connection by 50.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock valued at $3,195,000 after acquiring an additional 77,780 shares in the last quarter. Finally, AXA purchased a new position in shares of Resources Connection during the 2nd quarter valued at $1,062,000. Hedge funds and other institutional investors own 81.88% of the company’s stock.
Resources Connection, Inc. (RECN) traded up $0.15 during trading on Friday, hitting $15.80. 89,064 shares of the stock traded hands, compared to its average volume of 110,782. The firm has a market capitalization of $477.53 million, a PE ratio of 26.86 and a beta of 1.19. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.20.
Resources Connection (NASDAQ:RECN) last posted its quarterly earnings results on Wednesday, October 4th. The business services provider reported $0.12 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. The company had revenue of $141.20 million during the quarter, compared to analyst estimates of $140.29 million. Resources Connection had a net margin of 2.60% and a return on equity of 8.08%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 earnings per share. research analysts expect that Resources Connection, Inc. will post 0.67 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 16th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.48 annualized dividend and a yield of 3.04%. Resources Connection’s payout ratio is currently 102.13%.
RECN has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Resources Connection from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a report on Saturday, October 7th. Robert W. Baird restated a “hold” rating and set a $15.00 price target on shares of Resources Connection in a report on Friday, August 25th. Deutsche Bank AG restated a “sell” rating and set a $13.00 price target (up from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Finally, BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $15.00.
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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