Wall Street brokerages predict that Resources Connection, Inc. (NASDAQ:RECN) will announce sales of $168.00 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Resources Connection’s earnings, with estimates ranging from $167.17 million to $168.82 million. Resources Connection posted sales of $179.50 million in the same quarter last year, which suggests a negative year over year growth rate of 6.4%. The business is expected to announce its next earnings results after the market closes on Thursday, April 2nd.
According to Zacks, analysts expect that Resources Connection will report full year sales of $709.68 million for the current fiscal year, with estimates ranging from $708.15 million to $711.20 million. For the next fiscal year, analysts anticipate that the firm will post sales of $721.09 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Resources Connection.
Resources Connection (NASDAQ:RECN) last announced its quarterly earnings results on Thursday, January 2nd. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.08. Resources Connection had a return on equity of 11.74% and a net margin of 4.52%. The business had revenue of $184.51 million for the quarter, compared to the consensus estimate of $183.00 million. During the same period last year, the business posted $0.33 EPS. The business’s revenue was down 2.3% compared to the same quarter last year.
In other news, CFO Jennifer Y. Ryu sold 1,586 shares of Resources Connection stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $16.03, for a total value of $25,423.58. Following the transaction, the chief financial officer now directly owns 862 shares in the company, valued at approximately $13,817.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Royce & Associates LP grew its stake in Resources Connection by 30.6% during the 4th quarter. Royce & Associates LP now owns 2,669,581 shares of the business services provider’s stock worth $43,594,000 after buying an additional 624,945 shares during the last quarter. Palisade Capital Management LLC NJ grew its stake in Resources Connection by 3.8% during the 4th quarter. Palisade Capital Management LLC NJ now owns 1,362,646 shares of the business services provider’s stock worth $22,252,000 after buying an additional 49,379 shares during the last quarter. River Road Asset Management LLC grew its stake in Resources Connection by 11.5% during the 4th quarter. River Road Asset Management LLC now owns 1,039,727 shares of the business services provider’s stock worth $16,979,000 after buying an additional 107,470 shares during the last quarter. State Street Corp grew its stake in Resources Connection by 5.1% during the 4th quarter. State Street Corp now owns 1,030,242 shares of the business services provider’s stock worth $16,824,000 after buying an additional 50,171 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Resources Connection by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 690,086 shares of the business services provider’s stock worth $11,269,000 after buying an additional 6,090 shares during the last quarter. Hedge funds and other institutional investors own 84.53% of the company’s stock.
Shares of NASDAQ:RECN traded up $1.13 on Monday, reaching $10.79. The company had a trading volume of 194,357 shares, compared to its average volume of 182,056. Resources Connection has a 52-week low of $8.66 and a 52-week high of $17.93. The firm’s 50 day simple moving average is $12.40 and its 200-day simple moving average is $14.91. The firm has a market capitalization of $309.70 million, a PE ratio of 10.79 and a beta of 1.28. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.30.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, February 20th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.19%. Resources Connection’s dividend payout ratio is presently 54.37%.
About Resources Connection
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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