First Trust Advisors LP lowered its position in Resources Connection Inc. (NASDAQ:RECN) by 73.7% during the second quarter, Holdings Channel reports. The institutional investor owned 19,157 shares of the company’s stock after selling 53,717 shares during the period. First Trust Advisors LP owned 0.05% of Resources Connection worth $283,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of RECN. BNP Paribas Arbitrage SA boosted its position in Resources Connection by 114.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,486 shares of the company’s stock worth $170,000 after buying an additional 6,142 shares in the last quarter. Springbok Capital Management LLC boosted its position in Resources Connection by 65.2% in the first quarter. Springbok Capital Management LLC now owns 13,300 shares of the company’s stock worth $207,000 after buying an additional 5,248 shares in the last quarter. Bank of Montreal Can bought a new position in Resources Connection during the second quarter worth $240,000. Suntrust Banks Inc. boosted its position in Resources Connection by 1.7% in the second quarter. Suntrust Banks Inc. now owns 21,715 shares of the company’s stock worth $320,000 after buying an additional 372 shares in the last quarter. Finally, Stoneridge Investment Partners LLC bought a new position in Resources Connection during the second quarter worth $350,000. Institutional investors own 87.39% of the company’s stock.
Shares of Resources Connection Inc. (NASDAQ:RECN) traded up 0.69% during midday trading on Friday, hitting $13.10. 89,796 shares of the company were exchanged. Resources Connection Inc. has a 52-week low of $12.30 and a 52-week high of $18.71. The company has a 50-day moving average price of $14.37 and a 200-day moving average price of $14.79. The stock has a market capitalization of $473.80 million, a price-to-earnings ratio of 16.99 and a beta of 1.31.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, October 5th. The company reported $0.15 EPS for the quarter, missing the 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%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, analysts forecast that Resources Connection Inc. will post $0.82 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, August 24th were given a dividend of $0.11 per share. This is a positive change from Resources Connection’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Monday, August 22nd. Resources Connection’s payout ratio is presently 57.14%.
A number of brokerages have recently commented on RECN. Deutsche Bank AG began coverage on shares of Resources Connection in a research report on Wednesday, August 17th. They issued a “sell” rating and a $13.00 target price for the company. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Resources Connection in a report on Thursday, October 6th. Finally, Robert W. Baird lowered shares of Resources Connection from an “outperform” rating to a “neutral” rating in a report on Thursday, October 6th.
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). 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.