SG Americas Securities LLC reduced its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 37.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 7,247 shares of the business services provider’s stock after selling 4,419 shares during the period. SG Americas Securities LLC’s holdings in Resources Connection were worth $120,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Northern Trust Corp grew its position in Resources Connection by 0.8% during the 2nd quarter. Northern Trust Corp now owns 392,222 shares of the business services provider’s stock worth $6,629,000 after purchasing an additional 3,104 shares during the last quarter. Acadian Asset Management LLC grew its position in Resources Connection by 6.2% during the 3rd quarter. Acadian Asset Management LLC now owns 59,241 shares of the business services provider’s stock worth $983,000 after purchasing an additional 3,473 shares during the last quarter. Wells Fargo & Company MN grew its position in Resources Connection by 7.8% during the 3rd quarter. Wells Fargo & Company MN now owns 48,292 shares of the business services provider’s stock worth $802,000 after purchasing an additional 3,504 shares during the last quarter. Legal & General Group Plc grew its position in Resources Connection by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 58,626 shares of the business services provider’s stock worth $999,000 after purchasing an additional 3,765 shares during the last quarter. Finally, Raymond James & Associates grew its position in Resources Connection by 6.3% during the 2nd quarter. Raymond James & Associates now owns 79,358 shares of the business services provider’s stock worth $1,341,000 after purchasing an additional 4,710 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.
In other news, Director Anthony Cherbak sold 31,750 shares of the stock in a transaction that occurred on Friday, January 4th. The shares were sold at an average price of $15.79, for a total value of $501,332.50. Following the completion of the sale, the director now directly owns 52,429 shares of the company’s stock, valued at $827,853.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.80% of the stock is currently owned by corporate insiders.
Several research analysts have issued reports on the stock. Zacks Investment Research raised shares of Resources Connection from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Wednesday, October 10th. Robert W. Baird lowered their target price on shares of Resources Connection from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, January 4th. ValuEngine downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, BidaskClub downgraded shares of Resources Connection from a “strong-buy” rating to a “buy” rating in a report on Friday, December 7th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.00.
Resources Connection stock traded down $0.09 during trading on Monday, reaching $16.44. The company had a trading volume of 174,644 shares, compared to its average volume of 196,417. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.28 and a current ratio of 2.28. Resources Connection, Inc. has a 12-month low of $12.72 and a 12-month high of $19.50. The company has a market cap of $521.55 million, a price-to-earnings ratio of 16.78 and a beta of 1.10.
Resources Connection (NASDAQ:RECN) last posted its earnings results on Thursday, January 3rd. The business services provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.10. The business had revenue of $188.80 million for the quarter, compared to analysts’ expectations of $185.05 million. Resources Connection had a net margin of 3.44% and a return on equity of 11.77%. Sell-side analysts predict that Resources Connection, Inc. will post 1 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 13th. Shareholders of record on Wednesday, February 13th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Tuesday, February 12th. Resources Connection’s payout ratio is 53.06%.
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Resources Connection 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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