Resources Connection (NASDAQ:RGP) Lowered to “Hold” at StockNews.com

StockNews.com cut shares of Resources Connection (NASDAQ:RGPFree Report) from a buy rating to a hold rating in a research report released on Sunday morning.

Resources Connection Trading Up 1.4 %

Shares of RGP stock opened at $13.25 on Friday. The company has a market cap of $444.01 million, a P/E ratio of 16.77, a PEG ratio of 1.55 and a beta of 0.62. The firm has a fifty day moving average price of $13.51 and a 200 day moving average price of $14.17. Resources Connection has a 12 month low of $12.50 and a 12 month high of $18.45.

Resources Connection (NASDAQ:RGPGet Free Report) last released its quarterly earnings data on Wednesday, January 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.11. Resources Connection had a return on equity of 8.14% and a net margin of 3.80%. The business had revenue of $163.13 million during the quarter, compared to analysts’ expectations of $161.92 million. During the same period in the prior year, the firm posted $0.52 EPS. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. On average, equities analysts forecast that Resources Connection will post 0.57 EPS for the current year.

Resources Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 14th. Stockholders of record on Thursday, February 15th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, February 14th. This represents a $0.56 annualized dividend and a dividend yield of 4.23%. Resources Connection’s dividend payout ratio is presently 70.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its position in Resources Connection by 71.6% during the 4th quarter. First Trust Advisors LP now owns 1,704,381 shares of the company’s stock worth $24,151,000 after purchasing an additional 711,037 shares during the last quarter. Circumference Group LLC purchased a new position in shares of Resources Connection during the fourth quarter worth about $6,376,000. Norges Bank purchased a new position in shares of Resources Connection during the fourth quarter worth about $3,876,000. AQR Capital Management LLC increased its position in Resources Connection by 41.1% in the 3rd quarter. AQR Capital Management LLC now owns 555,153 shares of the company’s stock valued at $8,277,000 after acquiring an additional 161,632 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Resources Connection by 153.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 215,844 shares of the company’s stock valued at $4,397,000 after acquiring an additional 130,737 shares during the last quarter. 83.96% of the stock is owned by hedge funds and other institutional investors.

About Resources Connection

(Get Free Report)

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.

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