Resources Connection (NASDAQ:RGP) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Resources Connection (NASDAQ:RGP) from a sell rating to a hold rating in a report released on Saturday morning.

Several other equities analysts have also recently issued reports on the stock. Zacks Research cut shares of Resources Connection from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Weiss Ratings lowered shares of Resources Connection from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Resources Connection presently has a consensus rating of “Hold” and an average price target of $7.00.

Resources Connection Stock Down 0.2%

Shares of RGP opened at $4.45 on Friday. The company has a market capitalization of $152.77 million, a price-to-earnings ratio of -1.50 and a beta of 0.52. Resources Connection has a 52 week low of $3.06 and a 52 week high of $6.30. The stock’s 50-day moving average price is $3.79 and its 200-day moving average price is $4.33.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04). Resources Connection had a negative net margin of 20.16% and a negative return on equity of 0.55%. The company had revenue of $107.93 million for the quarter, compared to analysts’ expectations of $108.19 million. As a group, equities analysts anticipate that Resources Connection will post -0.29 EPS for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Thursday, May 21st will be given a $0.07 dividend. The ex-dividend date is Thursday, May 21st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 6.3%. Resources Connection’s payout ratio is -9.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its stake in Resources Connection by 58.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 24,636 shares of the company’s stock valued at $92,000 after acquiring an additional 9,094 shares during the period. Bank of New York Mellon Corp raised its position in Resources Connection by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 223,311 shares of the company’s stock worth $833,000 after acquiring an additional 28,650 shares during the period. IMC Chicago LLC purchased a new position in Resources Connection during the first quarter valued at $68,000. DGS Capital Management LLC purchased a new position in Resources Connection during the first quarter valued at $44,000. Finally, North Star Investment Management Corp. grew its position in shares of Resources Connection by 574.3% in the first quarter. North Star Investment Management Corp. now owns 236,000 shares of the company’s stock valued at $880,000 after purchasing an additional 201,000 shares during the period. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Resources Connection Company Profile

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.