Resources Connection (NASDAQ:RECN) Lowered to “Strong Sell” at BidaskClub

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BidaskClub lowered shares of Resources Connection (NASDAQ:RECN) from a sell rating to a strong sell rating in a report released on Tuesday morning, BidAskClub reports.

Separately, Zacks Investment Research lowered Resources Connection from a hold rating to a sell rating in a research note on Wednesday, January 8th.

Resources Connection stock opened at $14.36 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a fifty day moving average price of $15.89 and a two-hundred day moving average price of $15.93. Resources Connection has a 52-week low of $13.62 and a 52-week high of $17.93. The firm has a market capitalization of $459.91 million, a P/E ratio of 14.36 and a beta of 1.21.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Thursday, January 2nd. The business services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.08. Resources Connection had a return on equity of 11.74% and a net margin of 4.52%. The firm had revenue of $184.51 million during the quarter, compared to analyst estimates of $183.00 million. During the same period in the prior year, the company posted $0.33 earnings per share. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. On average, equities research analysts predict that Resources Connection will post 0.97 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 20th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.90%. Resources Connection’s dividend payout ratio (DPR) is presently 54.37%.

In other news, CFO Jennifer Y. Ryu sold 1,586 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $16.03, for a total value of $25,423.58. Following the completion of the sale, the chief financial officer now directly owns 862 shares in the company, valued at $13,817.86. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 10.50% of the company’s stock.

Several large investors have recently made changes to their positions in RECN. Meeder Asset Management Inc. increased its stake in shares of Resources Connection by 573.4% in the fourth quarter. Meeder Asset Management Inc. now owns 2,276 shares of the business services provider’s stock valued at $37,000 after buying an additional 1,938 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Resources Connection by 43.2% in the third quarter. Public Employees Retirement System of Ohio now owns 2,674 shares of the business services provider’s stock valued at $45,000 after buying an additional 807 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Resources Connection in the fourth quarter valued at $118,000. Pacer Advisors Inc. acquired a new stake in shares of Resources Connection in the third quarter valued at $150,000. Finally, Zebra Capital Management LLC acquired a new stake in shares of Resources Connection in the third quarter valued at $185,000. Institutional investors own 77.12% of the company’s stock.

About Resources Connection

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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