Wall Street brokerages expect Resources Connection, Inc. (NASDAQ:RECN) to announce $152.81 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Resources Connection’s earnings, with the lowest sales estimate coming in at $152.41 million and the highest estimate coming in at $153.31 million. Resources Connection reported sales of $147.56 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 3.6%. The firm is expected to issue its next earnings report on Wednesday, January 3rd.
On average, analysts expect that Resources Connection will report full-year sales of $152.81 million for the current financial year, with estimates ranging from $596.61 million to $605.03 million. For the next financial year, analysts forecast that the company will post sales of $621.17 million per share, with estimates ranging from $609.95 million to $629.98 million. Zacks’ sales averages are an average based on a survey of research firms that cover Resources Connection.
Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 4th. The business services provider reported $0.12 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.12. The company had revenue of $141.20 million for the quarter, compared to analysts’ expectations of $140.29 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share.
A number of brokerages have commented on RECN. BidaskClub cut Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Robert W. Baird restated a “hold” rating and set a $15.00 price objective on shares of Resources Connection in a research note on Friday, November 10th. Zacks Investment Research cut Resources Connection from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Finally, Deutsche Bank AG restated a “sell” rating and set a $13.00 price objective (up previously from $12.00) on shares of Resources Connection in a research note on Friday, October 6th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $15.00.
Several large investors have recently added to or reduced their stakes in RECN. California Public Employees Retirement System lifted its stake in shares of Resources Connection by 1.4% in the first quarter. California Public Employees Retirement System now owns 163,585 shares of the business services provider’s stock worth $2,740,000 after acquiring an additional 2,300 shares in the last quarter. Morgan Stanley lifted its stake in shares of Resources Connection by 27.2% in the first quarter. Morgan Stanley now owns 389,642 shares of the business services provider’s stock worth $6,527,000 after acquiring an additional 83,386 shares in the last quarter. KCG Holdings Inc. acquired a new position in shares of Resources Connection in the first quarter worth about $270,000. Schwab Charles Investment Management Inc. lifted its stake in shares of Resources Connection by 3.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 289,682 shares of the business services provider’s stock worth $4,853,000 after acquiring an additional 9,895 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Resources Connection by 31.0% in the first quarter. Bank of America Corp DE now owns 109,018 shares of the business services provider’s stock worth $1,826,000 after acquiring an additional 25,794 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
Resources Connection (NASDAQ:RECN) opened at $15.70 on Monday. The company has a market capitalization of $473.01, a PE ratio of 26.61 and a beta of 1.19. Resources Connection has a one year low of $12.05 and a one year high of $19.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.82 and a current ratio of 2.82.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 16th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Wednesday, November 15th. Resources Connection’s dividend payout ratio (DPR) is 102.13%.
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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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