Resources Connection (NASDAQ:RGP) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Resources Connection (NASDAQ:RGP) posted its earnings results on Wednesday. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03, Zacks reports. Resources Connection had a positive return on equity of 2.11% and a negative net margin of 35.25%.

Resources Connection Stock Performance

Shares of NASDAQ RGP traded up $0.05 during mid-day trading on Wednesday, hitting $5.27. 293,365 shares of the stock were exchanged, compared to its average volume of 271,911. Resources Connection has a twelve month low of $4.13 and a twelve month high of $8.90. The stock’s fifty day simple moving average is $4.88 and its two-hundred day simple moving average is $4.98. The company has a market cap of $175.80 million, a P/E ratio of -0.92 and a beta of 0.49.

Resources Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 14th were given a $0.07 dividend. The ex-dividend date was Friday, November 14th. This represents a $0.28 dividend on an annualized basis and a yield of 5.3%. Resources Connection’s payout ratio is -4.90%.

Insider Activity

In related news, CEO Kate W. Duchene bought 23,015 shares of Resources Connection stock in a transaction dated Wednesday, October 15th. The shares were bought at an average cost of $4.36 per share, for a total transaction of $100,345.40. Following the completion of the transaction, the chief executive officer owned 590,234 shares of the company’s stock, valued at approximately $2,573,420.24. This trade represents a 4.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Core Value Fund L.P. Cg purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were bought at an average cost of $4.53 per share, for a total transaction of $45,300.00. Following the completion of the purchase, the director directly owned 1,389,243 shares of the company’s stock, valued at $6,293,270.79. The trade was a 0.73% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 123,015 shares of company stock worth $552,445. 7.91% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Quarry LP raised its position in shares of Resources Connection by 4,995.7% in the 3rd quarter. Quarry LP now owns 9,529 shares of the company’s stock valued at $48,000 after acquiring an additional 9,342 shares during the period. Strs Ohio acquired a new stake in Resources Connection in the first quarter worth $48,000. Boothbay Fund Management LLC bought a new position in shares of Resources Connection during the third quarter worth $64,000. Envestnet Asset Management Inc. acquired a new position in shares of Resources Connection in the 3rd quarter valued at $72,000. Finally, NorthRock Partners LLC acquired a new position in shares of Resources Connection in the 3rd quarter valued at $77,000. Institutional investors and hedge funds own 93.23% of the company’s stock.

Wall Street Analysts Forecast Growth

RGP has been the subject of several recent analyst reports. Northcoast Research started coverage on shares of Resources Connection in a report on Wednesday, September 24th. They issued a “buy” rating and a $7.00 price target for the company. Wall Street Zen upgraded shares of Resources Connection from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Noble Financial restated an “outperform” rating on shares of Resources Connection in a research note on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Resources Connection in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.00.

About Resources Connection

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.