Bank of America Corp DE trimmed its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 5.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,874 shares of the business services provider’s stock after selling 3,943 shares during the quarter. Bank of America Corp DE owned about 0.22% of Resources Connection worth $1,198,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in RECN. BlackRock Inc. increased its holdings in Resources Connection by 5.9% in the 2nd quarter. BlackRock Inc. now owns 4,299,275 shares of the business services provider’s stock valued at $72,657,000 after buying an additional 239,567 shares during the period. Dimensional Fund Advisors LP increased its holdings in Resources Connection by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,540,337 shares of the business services provider’s stock valued at $42,932,000 after buying an additional 8,244 shares during the period. Deprince Race & Zollo Inc. increased its holdings in Resources Connection by 40.9% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 381,409 shares of the business services provider’s stock valued at $6,446,000 after buying an additional 110,687 shares during the period. Principal Financial Group Inc. increased its holdings in Resources Connection by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 227,775 shares of the business services provider’s stock valued at $3,690,000 after buying an additional 13,601 shares during the period. Finally, IndexIQ Advisors LLC increased its holdings in Resources Connection by 7.9% in the 2nd quarter. IndexIQ Advisors LLC now owns 135,025 shares of the business services provider’s stock valued at $2,282,000 after buying an additional 9,898 shares during the period. 81.78% of the stock is currently owned by institutional investors and hedge funds.
In other news, CAO John D. Bower sold 7,500 shares of the firm’s 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 sale, the chief accounting officer now directly owns 20,291 shares in the company, valued at approximately $384,108.63. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anthony Cherbak sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $18.59, for a total transaction of $371,800.00. Following the completion of the sale, the director now owns 33,500 shares in the company, valued at $622,765. The disclosure for this sale can be found here. Company insiders own 9.80% of the company’s stock.
Resources Connection (NASDAQ:RECN) last released its earnings results on Wednesday, October 3rd. The business services provider reported $0.18 EPS for the quarter, beating the consensus estimate of $0.11 by $0.07. Resources Connection had a net margin of 3.25% and a return on equity of 10.89%. The firm had revenue of $178.60 million for the quarter, compared to analyst estimates of $173.60 million. During the same period last year, the firm earned $0.12 EPS. The business’s quarterly revenue was up 26.5% compared to the same quarter last year. Equities research analysts forecast that Resources Connection, Inc. will post 0.87 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Tuesday, November 13th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, November 9th. Resources Connection’s dividend payout ratio is currently 53.06%.
Several equities analysts have commented on the stock. Zacks Investment Research lowered shares of Resources Connection from a “hold” rating to a “strong sell” rating in a report on Thursday, August 23rd. ValuEngine raised shares of Resources Connection from a “hold” rating to a “buy” rating in a report on Thursday, September 13th. Finally, BidaskClub raised shares of Resources Connection from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Resources Connection has a consensus rating of “Hold” and an average target price of $18.00.
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About Resources Connection
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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