Resources Connection (RECN) Lowered to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Resources Connection (NASDAQ:RECN) from a neutral rating to an underweight rating in a research report sent to investors on Thursday morning. JPMorgan Chase & Co. currently has $16.00 target price on the business services provider’s stock.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Resources Connection from a sell rating to a hold rating in a report on Thursday, September 21st. Deutsche Bank reissued 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. Robert W. Baird restated a hold rating and issued a $15.00 price objective on shares of Resources Connection in a research report on Friday, November 10th. Finally, BidaskClub downgraded Resources Connection from a buy rating to a hold rating in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Resources Connection presently has an average rating of Hold and an average target price of $15.25.

Shares of Resources Connection (NASDAQ RECN) traded up $0.35 during mid-day trading on Thursday, hitting $15.60. The stock had a trading volume of 324,800 shares, compared to its average volume of 249,100. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.20. The company has a market cap of $459.45, a PE ratio of 26.90 and a beta of 1.18. Resources Connection has a one year low of $12.05 and a one year high of $17.70.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings data on Wednesday, January 3rd. The business services provider reported $0.25 earnings per share 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 net margin of 2.98% and a return on equity of 8.38%. Resources Connection’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 EPS. analysts anticipate that Resources Connection will post 0.67 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 14th. Stockholders of record on Thursday, November 16th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Wednesday, November 15th. Resources Connection’s dividend payout ratio (DPR) is presently 82.76%.

Several institutional investors and hedge funds have recently modified their holdings of RECN. Grandeur Peak Global Advisors LLC raised its holdings in Resources Connection by 649.0% during the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 179,000 shares of the business services provider’s stock worth $2,488,000 after buying an additional 155,100 shares during the period. Royce & Associates LP raised its holdings in shares of Resources Connection by 6.4% during the third quarter. Royce & Associates LP now owns 2,525,499 shares of the business services provider’s stock worth $35,104,000 after acquiring an additional 151,760 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Resources Connection by 50.1% during the second quarter. JPMorgan Chase & Co. now owns 233,161 shares of the business services provider’s stock worth $3,195,000 after acquiring an additional 77,780 shares during the period. AXA bought a new stake in Resources Connection in the 2nd quarter valued at $1,062,000. Finally, Sapience Investments LLC lifted its position in Resources Connection by 16.6% in the 2nd quarter. Sapience Investments LLC now owns 524,984 shares of the business services provider’s stock valued at $7,192,000 after acquiring an additional 74,930 shares in the last quarter. Institutional investors and hedge funds own 80.99% of the company’s stock.

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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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