Resources Connection (NASDAQ:RGP) Downgraded to Hold at StockNews.com

StockNews.com downgraded shares of Resources Connection (NASDAQ:RGP) from a buy rating to a hold rating in a report issued on Saturday morning.

A number of other equities research analysts have also recently commented on RGP. Noble Financial started coverage on shares of Resources Connection in a report on Wednesday, May 29th. They issued an outperform rating and a $15.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Resources Connection from $12.00 to $11.00 and set an underweight rating on the stock in a research note on Tuesday, July 23rd. Finally, Robert W. Baird dropped their price objective on shares of Resources Connection from $15.00 to $13.00 and set a neutral rating on the stock in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Resources Connection has a consensus rating of Hold and a consensus price target of $13.00.

Resources Connection Stock Up 0.9 %

RGP opened at $11.71 on Friday. Resources Connection has a twelve month low of $9.70 and a twelve month high of $16.42. The company has a fifty day moving average of $10.85 and a 200-day moving average of $12.02. The stock has a market cap of $392.99 million, a PE ratio of 17.74, a price-to-earnings-growth ratio of 1.17 and a beta of 0.67.

Resources Connection (NASDAQ:RGP) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.18. The business had revenue of $148.20 million during the quarter, compared to analysts’ expectations of $140.59 million. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The business’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period last year, the company posted $0.39 earnings per share. Sell-side analysts anticipate that Resources Connection will post 0.67 EPS for the current fiscal year.

Resources Connection Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 23rd will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend is Friday, August 23rd. Resources Connection’s payout ratio is currently 84.85%.

Insider Activity at Resources Connection

In related news, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total transaction of $131,062.50. Following the transaction, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at $950,411.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Roger D. Carlile purchased 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were bought at an average cost of $11.25 per share, with a total value of $281,250.00. Following the completion of the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at $281,250. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total transaction of $131,062.50. Following the transaction, the chief financial officer now directly owns 84,481 shares in the company, valued at $950,411.25. The disclosure for this sale can be found here. 7.36% of the stock is owned by insiders.

Institutional Trading of Resources Connection

A number of large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings in Resources Connection by 66.4% during the second quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock worth $28,000 after buying an additional 1,019 shares during the last quarter. TD Asset Management Inc increased its holdings in Resources Connection by 1.4% during the fourth quarter. TD Asset Management Inc now owns 89,400 shares of the company’s stock worth $1,267,000 after buying an additional 1,200 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Resources Connection by 15.4% during the second quarter. Harbor Capital Advisors Inc. now owns 15,595 shares of the company’s stock worth $172,000 after buying an additional 2,083 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of Resources Connection by 16.5% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 16,573 shares of the company’s stock worth $218,000 after purchasing an additional 2,353 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Resources Connection in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.