TIAA CREF Investment Management LLC cut its position in Resources Connection, Inc. (NASDAQ:RECN) by 21.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 118,698 shares of the business services provider’s stock after selling 32,666 shares during the period. TIAA CREF Investment Management LLC owned 0.40% of Resources Connection worth $1,988,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of RECN. State Board of Administration of Florida Retirement System boosted its position in shares of Resources Connection by 12.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 37,044 shares of the business services provider’s stock worth $620,000 after buying an additional 3,990 shares during the last quarter. LSV Asset Management acquired a new position in shares of Resources Connection during the first quarter worth approximately $299,000. Great West Life Assurance Co. Can boosted its position in shares of Resources Connection by 14.7% in the first quarter. Great West Life Assurance Co. Can now owns 42,635 shares of the business services provider’s stock worth $714,000 after buying an additional 5,466 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its position in shares of Resources Connection by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 65,600 shares of the business services provider’s stock worth $1,099,000 after buying an additional 1,800 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Resources Connection during the first quarter worth approximately $116,000. 84.08% of the stock is owned by institutional investors and hedge funds.
Shares of Resources Connection, Inc. (RECN) opened at 12.20 on Friday. The company has a market cap of $364.38 million, a price-to-earnings ratio of 21.79 and a beta of 1.20. Resources Connection, Inc. has a 12-month low of $12.10 and a 12-month high of $19.80. The stock has a 50 day moving average of $13.44 and a 200 day moving average of $14.49.
Resources Connection (NASDAQ:RECN) last released its earnings results on Thursday, July 20th. The business services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. Resources Connection had a return on equity of 8.08% and a net margin of 3.20%. The business had revenue of $148.60 million for the quarter, compared to analysts’ expectations of $148.46 million. During the same period in the previous year, the company earned $0.23 EPS. Resources Connection’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities research analysts predict that Resources Connection, Inc. will post $0.70 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 24th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, August 22nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.93%. This is a positive change from Resources Connection’s previous quarterly dividend of $0.11. Resources Connection’s dividend payout ratio is currently 80.00%.
TRADEMARK VIOLATION NOTICE: “TIAA CREF Investment Management LLC Has $1.99 Million Position in Resources Connection, Inc. (RECN)” was first posted by BNB Daily and is the property of of BNB Daily. If you are viewing this news story on another publication, it was stolen and reposted in violation of United States and international trademark and copyright law. The original version of this news story can be viewed at https://www.baseball-news-blog.com/2017/08/19/tiaa-cref-investment-management-llc-cuts-stake-in-resources-connection-inc-recn-updated.html.
A number of brokerages have commented on RECN. Deutsche Bank AG dropped their price objective on shares of Resources Connection from $14.00 to $12.00 and set a “sell” rating for the company in a research note on Friday, July 21st. BidaskClub cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of Resources Connection from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, TheStreet cut shares of Resources Connection from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Resources Connection presently has an average rating of “Sell” and an average target price of $15.50.
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). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.
Receive News & Ratings for Resources Connection Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection Inc. and related companies with MarketBeat.com's FREE daily email newsletter.