Resources Connection (RECN) Stock Rating Lowered by TheStreet

Resources Connection (NASDAQ:RECN) was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating in a research note issued on Thursday.

A number of other equities research analysts have also commented on RECN. BidaskClub upgraded Resources Connection from a “hold” rating to a “buy” rating in a research report on Wednesday, March 21st. Zacks Investment Research upgraded Resources Connection from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Tuesday, January 9th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $17.00 target price on shares of Resources Connection in a research report on Thursday, April 5th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $16.00.

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Shares of RECN stock opened at $15.70 on Thursday. Resources Connection has a fifty-two week low of $12.05 and a fifty-two week high of $17.00. The stock has a market cap of $494.79, a PE ratio of 24.53 and a beta of 1.13. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.30 and a current ratio of 2.30.

Resources Connection (NASDAQ:RECN) last issued its quarterly earnings results on Wednesday, April 4th. The business services provider reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.04. Resources Connection had a return on equity of 9.15% and a net margin of 3.12%. The business had revenue of $172.40 million for the quarter, compared to analyst estimates of $170.50 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The company’s revenue was up 19.9% on a year-over-year basis. sell-side analysts predict that Resources Connection will post 0.83 EPS for the current year.

In other news, Director Michael H. Wargotz sold 6,200 shares of the company’s stock in a transaction that occurred on Monday, April 9th. The stock was sold at an average price of $15.36, for a total transaction of $95,232.00. Following the completion of the transaction, the director now directly owns 29,073 shares of the company’s stock, valued at approximately $446,561.28. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. raised its stake in shares of Resources Connection by 29.1% during the 4th quarter. Macquarie Group Ltd. now owns 18,808 shares of the business services provider’s stock worth $291,000 after buying an additional 4,236 shares during the period. KBC Group NV raised its stake in shares of Resources Connection by 14.8% during the 4th quarter. KBC Group NV now owns 41,481 shares of the business services provider’s stock worth $641,000 after buying an additional 5,332 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in shares of Resources Connection by 50.4% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 16,740 shares of the business services provider’s stock worth $259,000 after buying an additional 5,610 shares during the period. California Public Employees Retirement System raised its stake in shares of Resources Connection by 4.2% during the 4th quarter. California Public Employees Retirement System now owns 184,279 shares of the business services provider’s stock worth $2,847,000 after buying an additional 7,392 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Resources Connection by 4.4% during the 4th quarter. Fisher Asset Management LLC now owns 219,343 shares of the business services provider’s stock worth $3,389,000 after buying an additional 9,148 shares during the period. 80.21% of the stock is owned by institutional investors and hedge funds.

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Resources Connection Company Profile

Resources Connection, Inc provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support.

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