Resources Connection (NASDAQ:RECN) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.
A number of other equities analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Resources Connection from a “hold” rating to a “strong-buy” rating and set a $18.00 target price for the company in a report on Wednesday, March 7th. TheStreet downgraded shares of Resources Connection from a “b” rating to a “c+” rating in a report on Thursday, April 19th. Robert W. Baird reiterated a “hold” rating and issued a $17.00 target price on shares of Resources Connection in a report on Thursday, April 5th. Finally, ValuEngine upgraded shares of Resources Connection from a “hold” rating to a “buy” rating in a report on Tuesday, June 5th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $16.00.
Shares of Resources Connection stock opened at $16.90 on Friday. The stock has a market capitalization of $542.07 million, a price-to-earnings ratio of 26.41 and a beta of 1.19. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 0.23. Resources Connection has a one year low of $12.05 and a one year high of $17.95.
Resources Connection (NASDAQ:RECN) last announced its earnings results on Wednesday, April 4th. The business services provider reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. The business had revenue of $172.40 million during the quarter, compared to the consensus estimate of $170.50 million. Resources Connection had a net margin of 3.12% and a return on equity of 9.15%. The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. sell-side analysts anticipate that Resources Connection will post 0.86 EPS for the current year.
In other Resources Connection news, Director Michael H. Wargotz sold 6,200 shares of the business’s stock in a transaction dated Monday, April 9th. The shares were sold at an average price of $15.36, for a total value of $95,232.00. Following the completion of the transaction, the director now directly owns 29,073 shares in the company, valued at $446,561.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.80% of the company’s stock.
Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Resources Connection during the first quarter worth about $108,000. Aperio Group LLC purchased a new stake in shares of Resources Connection during the fourth quarter worth about $157,000. Barclays PLC grew its stake in shares of Resources Connection by 125.2% during the first quarter. Barclays PLC now owns 11,076 shares of the business services provider’s stock worth $179,000 after acquiring an additional 6,158 shares during the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Resources Connection during the fourth quarter worth about $187,000. Finally, Alambic Investment Management L.P. purchased a new stake in shares of Resources Connection during the first quarter worth about $237,000. Institutional investors and hedge funds own 80.40% of the company’s stock.
About Resources Connection
Resources Connection, Inc provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support.
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