Goldman Sachs Group Inc. decreased its stake in Resources Connection, Inc. (NASDAQ:RECN) by 9.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,996 shares of the business services provider’s stock after selling 7,949 shares during the period. Goldman Sachs Group Inc. owned 0.26% of Resources Connection worth $1,273,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of RECN. Russell Investments Group Ltd. acquired a new position in shares of Resources Connection during the first quarter valued at $116,000. Mason Street Advisors LLC boosted its position in shares of Resources Connection by 7.7% in the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock valued at $116,000 after buying an additional 499 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Resources Connection by 1.2% in the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock valued at $143,000 after buying an additional 104 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Resources Connection during the first quarter valued at $173,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock valued at $203,000 after buying an additional 200 shares in the last quarter. 83.52% of the stock is owned by institutional investors.
Resources Connection, Inc. (NASDAQ:RECN) traded down 1.54% during trading on Thursday, hitting $12.80. 14,574 shares of the company traded hands. Resources Connection, Inc. has a 12-month low of $12.41 and a 12-month high of $19.80. The stock has a 50-day moving average price of $13.63 and a 200-day moving average price of $14.70. The firm has a market capitalization of $382.30 million, a P/E ratio of 22.86 and a beta of 1.20.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The company had revenue of $148.60 million for the quarter, compared to the consensus estimate of $148.46 million. During the same quarter last year, the company posted $0.23 EPS. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities analysts expect that Resources Connection, Inc. will post $0.70 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 24th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, August 22nd. This represents a $0.48 annualized dividend and a yield of 3.69%. This is an increase from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s dividend payout ratio is 80.00%.
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Several equities analysts have recently weighed in on the stock. Deutsche Bank AG decreased their price target on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a research note on Friday, July 21st. BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. The stock has a consensus rating of “Sell” and a consensus price target of $15.50.
About Resources Connection
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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