Todays Report: The ClariVest Asset Management LLC Raises Stake in Resources Connection Inc. (RECN)

The ClariVest Asset Management LLC Raises Stake in Resources Connection Inc. (RECN)

ClariVest Asset Management LLC boosted its position in Resources Connection Inc. (NASDAQ:RECN) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 124,095 shares of the company’s stock after buying an additional 900 shares during the period. ClariVest Asset Management LLC’s holdings in Resources Connection were worth $1,835,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC increased its position in Resources Connection by 29.4% in the first quarter. TIAA CREF Investment Management LLC now owns 223,422 shares of the company’s stock worth $3,476,000 after buying an additional 50,767 shares in the last quarter. BlackRock Group LTD increased its position in Resources Connection by 5.2% in the first quarter. BlackRock Group LTD now owns 62,499 shares of the company’s stock worth $974,000 after buying an additional 3,092 shares in the last quarter. JPMorgan Chase & Co. increased its position in Resources Connection by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 287,890 shares of the company’s stock worth $4,479,000 after buying an additional 28,946 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new position in Resources Connection during the first quarter worth about $733,000. Finally, Scotia Capital Inc. increased its position in Resources Connection by 40.4% in the first quarter. Scotia Capital Inc. now owns 23,646 shares of the company’s stock worth $368,000 after buying an additional 6,800 shares in the last quarter. Hedge funds and other institutional investors own 87.39% of the company’s stock.

Resources Connection Inc. (NASDAQ:RECN) traded up 1.06% during mid-day trading on Wednesday, reaching $13.29. The company’s stock had a trading volume of 239,817 shares. Resources Connection Inc. has a 52 week low of $12.30 and a 52 week high of $18.71. The firm has a 50-day moving average of $14.57 and a 200-day moving average of $14.83. The stock has a market capitalization of $480.67 million, a price-to-earnings ratio of 17.24 and a beta of 1.31.

Resources Connection (NASDAQ:RECN) last issued its quarterly earnings data on Wednesday, October 5th. The company reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The company had revenue of $143.40 million for the quarter. Resources Connection had a return on equity of 8.42% and a net margin of 4.88%. Resources Connection’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. On average, equities research analysts expect that Resources Connection Inc. will post $0.82 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were paid a $0.11 dividend. This is a boost from Resources Connection’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, August 22nd. This represents a $0.44 annualized dividend and a dividend yield of 3.35%. Resources Connection’s payout ratio is 57.14%.

A number of research analysts recently issued reports on RECN shares. Zacks Investment Research downgraded Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Deutsche Bank AG started coverage on Resources Connection in a research note on Wednesday, August 17th. They set a “sell” rating and a $13.00 price target on the stock. Robert W. Baird downgraded Resources Connection from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 6th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Resources Connection in a research report on Thursday, October 6th.

Resources Connection Company Profile

Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.

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