Resources Connection (NASDAQ:RGP) Raised to “Hold” at Zacks Research

Resources Connection (NASDAQ:RGP) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen upgraded Resources Connection from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings cut Resources Connection from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.00.

Resources Connection Trading Up 0.4%

RGP stock opened at $4.71 on Tuesday. The company has a market capitalization of $161.69 million, a PE ratio of -1.59 and a beta of 0.55. Resources Connection has a 12-month low of $3.06 and a 12-month high of $6.30. The business’s fifty day moving average price is $4.16 and its 200 day moving average price is $4.32.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in Resources Connection by 81.3% during the 1st quarter. Royal Bank of Canada now owns 35,224 shares of the company’s stock worth $131,000 after purchasing an additional 15,796 shares in the last quarter. Renaissance Technologies LLC grew its stake in Resources Connection by 10.7% during the 1st quarter. Renaissance Technologies LLC now owns 311,200 shares of the company’s stock worth $1,161,000 after purchasing an additional 30,000 shares in the last quarter. Sei Investments Co. grew its stake in Resources Connection by 111.5% during the 1st quarter. Sei Investments Co. now owns 1,329,568 shares of the company’s stock worth $4,959,000 after purchasing an additional 700,943 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Resources Connection by 58.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 24,636 shares of the company’s stock worth $92,000 after acquiring an additional 9,094 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Resources Connection by 14.7% during the 1st 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 in the last quarter. 93.23% of the stock is owned by institutional investors and hedge funds.

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.