Resources Connection (RECN) Stock Rating Lowered by JPMorgan Chase & Co.
Resources Connection (NASDAQ:RECN) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Thursday, January 4th, MarketBeat Ratings reports. They currently have a $16.00 target price on the business services provider’s stock. JPMorgan Chase & Co.’s target price points to a potential downside of 3.03% from the company’s previous close.
Other equities analysts have also issued reports about the stock. Robert W. Baird reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Resources Connection in a research report on Friday, November 10th. BidaskClub lowered shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Zacks Investment Research lowered shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Finally, Deutsche Bank reissued a “sell” rating and set a $13.00 price target (up from $12.00) on shares of Resources Connection in a research report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $15.50.
Resources Connection (RECN) opened at $16.50 on Thursday. Resources Connection has a 1-year low of $12.05 and a 1-year high of $17.40. The stock has a market cap of $520.82, a PE ratio of 25.15 and a beta of 1.18. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.19.
Hedge funds and other institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC grew its stake in Resources Connection by 4.4% in the 4th quarter. Fisher Asset Management LLC now owns 219,343 shares of the business services provider’s stock valued at $3,389,000 after acquiring an additional 9,148 shares during the period. Schwab Charles Investment Management Inc. grew its stake in Resources Connection by 5.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 367,278 shares of the business services provider’s stock valued at $5,675,000 after acquiring an additional 18,573 shares during the period. California Public Employees Retirement System grew its stake in Resources Connection by 7.1% in the 3rd quarter. California Public Employees Retirement System now owns 176,887 shares of the business services provider’s stock valued at $2,459,000 after acquiring an additional 11,802 shares during the period. Grandeur Peak Global Advisors LLC grew its stake in Resources Connection by 649.0% in the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 179,000 shares of the business services provider’s stock valued at $2,488,000 after acquiring an additional 155,100 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Resources Connection in the 3rd quarter valued at $171,000. 77.76% of the stock is currently owned by institutional investors and hedge funds.
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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). 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.
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