Legal & General Group Plc decreased its stake in Resources Connection, Inc. (NASDAQ:RECN) by 9.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,536 shares of the business services provider’s stock after selling 5,638 shares during the period. Legal & General Group Plc owned 0.17% of Resources Connection worth $716,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Resources Connection during the 3rd quarter valued at about $153,000. Municipal Employees Retirement System of Michigan boosted its position in shares of Resources Connection by 58.8% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 11,130 shares of the business services provider’s stock valued at $155,000 after purchasing an additional 4,120 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Resources Connection during the 3rd quarter valued at about $164,000. BNP Paribas Arbitrage SA boosted its position in shares of Resources Connection by 44.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 12,303 shares of the business services provider’s stock valued at $169,000 after purchasing an additional 3,761 shares in the last quarter. Finally, Aperio Group LLC bought a new stake in shares of Resources Connection during the 2nd quarter valued at about $171,000. Institutional investors own 80.99% of the company’s stock.
Several equities research analysts recently commented on RECN shares. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Saturday, October 7th. BidaskClub lowered Resources Connection from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. Robert W. Baird reiterated a “hold” rating and issued a $15.00 price target on shares of Resources Connection in a report on Friday, November 10th. Deutsche Bank reiterated a “sell” rating and issued a $13.00 price target (up previously from $12.00) on shares of Resources Connection in a report on Friday, October 6th. Finally, JPMorgan Chase & Co. lowered Resources Connection from a “neutral” rating to an “underweight” rating and set a $16.00 price target on the stock. in a report on Thursday. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Resources Connection currently has a consensus rating of “Hold” and a consensus price target of $15.25.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. The business had revenue of $156.70 million for the quarter, compared to analyst estimates of $152.91 million. Resources Connection had a return on equity of 8.08% and a net margin of 2.60%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. equities analysts expect that Resources Connection, Inc. will post 0.67 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 14th. Shareholders of record on Thursday, November 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $0.48 annualized dividend and a yield of 3.08%. Resources Connection’s payout ratio is currently 82.76%.
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Resources Connection Profile
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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