Metropolitan Life Insurance Co. NY lifted its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 451.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,296 shares of the business services provider’s stock after buying an additional 8,430 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Resources Connection were worth $146,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in Resources Connection by 7.2% in the 3rd quarter. BlackRock Inc. now owns 4,608,951 shares of the business services provider’s stock valued at $76,509,000 after purchasing an additional 309,676 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Resources Connection by 290.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 192,111 shares of the business services provider’s stock valued at $2,728,000 after acquiring an additional 142,971 shares during the period. Acadian Asset Management LLC raised its holdings in Resources Connection by 168.7% in the 4th quarter. Acadian Asset Management LLC now owns 159,164 shares of the business services provider’s stock valued at $2,261,000 after acquiring an additional 99,923 shares during the period. Vanguard Group Inc raised its holdings in Resources Connection by 2.5% in the 3rd quarter. Vanguard Group Inc now owns 3,079,470 shares of the business services provider’s stock valued at $51,119,000 after acquiring an additional 75,529 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Resources Connection by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,079,470 shares of the business services provider’s stock valued at $51,119,000 after acquiring an additional 75,529 shares during the period. Institutional investors own 80.59% of the company’s stock.
Several research analysts have recently commented on the stock. BidaskClub cut shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Zacks Investment Research cut shares of Resources Connection from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus price target of $17.00.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Wednesday, April 3rd. The business services provider reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). Resources Connection had a net margin of 3.57% and a return on equity of 11.85%. The company had revenue of $179.50 million during the quarter, compared to analyst estimates of $184.22 million. During the same quarter in the prior year, the business earned $0.18 EPS. The business’s quarterly revenue was up 4.1% on a year-over-year basis. On average, analysts expect that Resources Connection, Inc. will post 0.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 16th will be given a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.52 dividend on an annualized basis and a yield of 3.22%. Resources Connection’s dividend payout ratio is currently 53.06%.
In other Resources Connection news, Director Susan J. Crawford sold 5,894 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $15.08, for a total value of $88,881.52. Following the sale, the director now owns 34,273 shares in the company, valued at $516,836.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.80% of the company’s stock.
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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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