Resources Connection (NASDAQ:RGP – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Saturday.
Several other equities research analysts also recently weighed in on RGP. Noble Financial initiated coverage on Resources Connection in a report on Wednesday, May 29th. They issued an “outperform” rating and a $15.00 price target for the company. Robert W. Baird reduced their price target on shares of Resources Connection from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Resources Connection currently has an average rating of “Hold” and a consensus target price of $13.00.
Resources Connection Stock Performance
Shares of NASDAQ RGP traded up $0.11 during mid-day trading on Friday, hitting $11.71. 515,128 shares of the stock traded hands, compared to its average volume of 478,328. Resources Connection has a 52 week low of $9.70 and a 52 week high of $16.42. The company has a market cap of $392.99 million, a price-to-earnings ratio of 17.74, a PEG ratio of 1.16 and a beta of 0.67. The stock has a fifty day moving average price of $10.85 and a 200-day moving average price of $12.02.
Resources Connection (NASDAQ:RGP – Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.18. The firm had revenue of $148.20 million for the quarter, compared to the consensus estimate of $140.59 million. Resources Connection had a return on equity of 6.19% and a net margin of 3.32%. The company’s revenue for the quarter was down 19.7% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. As a group, sell-side analysts predict that Resources Connection will post 0.67 EPS for the current fiscal year.
Insiders Place Their Bets
In other Resources Connection news, CFO Jennifer Y. Ryu sold 11,650 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total value of $131,062.50. Following the transaction, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at approximately $950,411.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Roger D. Carlile bought 25,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the completion of the purchase, the director now owns 25,000 shares of the company’s stock, valued at approximately $281,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer Y. Ryu sold 11,650 shares of Resources Connection 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 sale, the chief financial officer now owns 84,481 shares in the company, valued at $950,411.25. The disclosure for this sale can be found here. Corporate insiders own 7.36% of the company’s stock.
Institutional Trading of Resources Connection
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its stake in shares of Resources Connection by 38.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 194,389 shares of the company’s stock valued at $2,754,000 after acquiring an additional 53,882 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Resources Connection in the fourth quarter valued at $227,000. Mackenzie Financial Corp increased its stake in shares of Resources Connection by 36.7% during the 4th quarter. Mackenzie Financial Corp now owns 17,042 shares of the company’s stock worth $241,000 after purchasing an additional 4,575 shares during the last quarter. DGS Capital Management LLC bought a new stake in shares of Resources Connection in the 4th quarter valued at about $149,000. Finally, State of New Jersey Common Pension Fund D lifted its stake in Resources Connection by 15.5% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 182,798 shares of the company’s stock valued at $2,590,000 after purchasing an additional 24,572 shares during the last quarter. Institutional investors and hedge funds own 93.23% of the company’s stock.
Resources Connection Company Profile
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.