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

StockNews.com downgraded shares of Resources Connection (NASDAQ:RGPFree Report) from a buy rating to a hold rating in a report published on Friday.

Resources Connection Price Performance

NASDAQ RGP opened at $13.22 on Friday. The company has a 50 day simple moving average of $13.68 and a 200-day simple moving average of $14.39. The firm has a market capitalization of $443.00 million, a price-to-earnings ratio of 16.73 and a beta of 0.62. Resources Connection has a 52-week low of $12.50 and a 52-week high of $18.48.

Resources Connection (NASDAQ:RGPGet Free Report) last issued its quarterly earnings data on Wednesday, January 3rd. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.11. The firm had revenue of $163.13 million for the quarter, compared to analyst estimates of $161.92 million. Resources Connection had a net margin of 3.80% and a return on equity of 8.14%. The company’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. On average, analysts predict that Resources Connection will post 0.57 EPS for the current year.

Resources Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 14th. Investors of record on Thursday, February 15th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.24%. The ex-dividend date is Wednesday, February 14th. Resources Connection’s payout ratio is presently 70.89%.

Hedge Funds Weigh In On Resources Connection

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd grew its holdings in Resources Connection by 483.7% during the first quarter. Covestor Ltd now owns 1,652 shares of the company’s stock valued at $28,000 after purchasing an additional 1,369 shares during the last quarter. Quarry LP grew its holdings in Resources Connection by 70.2% during the first quarter. Quarry LP now owns 2,042 shares of the company’s stock valued at $35,000 after purchasing an additional 842 shares during the last quarter. Captrust Financial Advisors grew its holdings in Resources Connection by 41.7% during the first quarter. Captrust Financial Advisors now owns 2,659 shares of the company’s stock valued at $46,000 after purchasing an additional 783 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Resources Connection during the third quarter valued at approximately $61,000. Finally, Gladius Capital Management LP acquired a new stake in shares of Resources Connection in the fourth quarter worth $65,000. Institutional investors own 83.96% of the company’s stock.

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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