Resources Connection (NASDAQ:RECN) Rating Increased to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Resources Connection (NASDAQ:RECN) from a buy rating to a strong-buy rating in a research report released on Wednesday morning, BidAskClub reports.

Separately, Zacks Investment Research upgraded Resources Connection from a sell rating to a hold rating in a research note on Wednesday, September 18th.

Shares of Resources Connection stock opened at $17.01 on Wednesday. Resources Connection has a 12-month low of $12.72 and a 12-month high of $19.50. The stock has a market cap of $550.21 million, a P/E ratio of 16.87 and a beta of 1.19. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $16.94 and its 200-day moving average is $16.41.

Resources Connection (NASDAQ:RECN) last announced its quarterly earnings data on Thursday, July 18th. The business services provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Resources Connection had a return on equity of 11.96% and a net margin of 4.32%. The company had revenue of $182.10 million for the quarter, compared to analysts’ expectations of $182.44 million. During the same quarter in the prior year, the business posted $0.27 EPS. The business’s revenue was down .9% compared to the same quarter last year. On average, sell-side analysts expect that Resources Connection will post 1.04 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost from Resources Connection’s previous quarterly dividend of $0.13. Resources Connection’s dividend payout ratio is currently 54.37%.

Several institutional investors have recently made changes to their positions in the company. Texas Permanent School Fund raised its stake in Resources Connection by 4.4% in the 1st quarter. Texas Permanent School Fund now owns 20,248 shares of the business services provider’s stock valued at $335,000 after acquiring an additional 845 shares during the period. Marshall Wace LLP bought a new stake in Resources Connection in the 1st quarter valued at $1,824,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Resources Connection by 31.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,250 shares of the business services provider’s stock valued at $596,000 after acquiring an additional 8,900 shares during the period. Rhumbline Advisers raised its stake in Resources Connection by 1.0% in the 1st quarter. Rhumbline Advisers now owns 121,775 shares of the business services provider’s stock valued at $2,014,000 after acquiring an additional 1,243 shares during the period. Finally, Fisher Asset Management LLC raised its stake in Resources Connection by 14.7% in the 2nd quarter. Fisher Asset Management LLC now owns 143,734 shares of the business services provider’s stock valued at $2,301,000 after acquiring an additional 18,439 shares during the period. Institutional investors own 81.98% of the company’s stock.

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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