Resources Connection, Inc. (NASDAQ:RECN) announced a quarterly dividend on Tuesday, October 16th, NASDAQ reports. Investors of record on Tuesday, November 13th will be given a dividend of 0.13 per share by the business services provider on Tuesday, December 11th. This represents a $0.52 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, November 9th.
Resources Connection has increased its dividend by an average of 15.3% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Resources Connection has a payout ratio of 65.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Resources Connection to earn $0.99 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 52.5%.
NASDAQ:RECN opened at $16.43 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.37 and a quick ratio of 2.37. Resources Connection has a 12-month low of $13.20 and a 12-month high of $19.50. The stock has a market cap of $518.25 million, a P/E ratio of 16.77 and a beta of 1.02.
Resources Connection (NASDAQ:RECN) last released its earnings results on Wednesday, October 3rd. The business services provider reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.07. Resources Connection had a return on equity of 10.89% and a net margin of 3.25%. The firm had revenue of $178.60 million during the quarter, compared to analysts’ expectations of $173.60 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue was up 26.5% on a year-over-year basis. As a group, research analysts anticipate that Resources Connection will post 0.87 EPS for the current year.
A number of equities analysts recently commented on RECN shares. ValuEngine raised Resources Connection from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Zacks Investment Research raised Resources Connection from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Wednesday, October 10th. Finally, BidaskClub raised Resources Connection from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $18.00.
In related news, Director Anthony Cherbak sold 20,000 shares of the stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $18.59, for a total transaction of $371,800.00. Following the completion of the transaction, the director now directly owns 33,500 shares of the company’s stock, valued at $622,765. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO John D. Bower sold 7,500 shares of the stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $18.93, for a total value of $141,975.00. Following the transaction, the chief accounting officer now directly owns 20,291 shares of the company’s stock, valued at $384,108.63. The disclosure for this sale can be found here. 9.80% of the stock is currently owned by corporate insiders.
Resources Connection Company Profile
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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