Resources Connection (NASDAQ:RGP) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Resources Connection (NASDAQ:RGP) from a buy rating to a hold rating in a research note released on Thursday morning, Zacks.com reports.

According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “

Shares of Resources Connection stock opened at $15.30 on Thursday. The company has a market cap of $502.19 million, a price-to-earnings ratio of 80.53 and a beta of 1.03. Resources Connection has a 12-month low of $10.61 and a 12-month high of $15.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.05 and a current ratio of 2.05. The stock has a fifty day moving average price of $14.40.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings results on Tuesday, April 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.10. The business had revenue of $156.60 million for the quarter, compared to analyst estimates of $151.49 million. Resources Connection had a net margin of 0.95% and a return on equity of 5.37%. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Resources Connection will post 0.55 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 10th. Stockholders of record on Thursday, May 13th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, May 12th. This represents a $0.56 annualized dividend and a dividend yield of 3.66%. Resources Connection’s dividend payout ratio is 57.14%.

Several large investors have recently bought and sold shares of RGP. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Resources Connection by 133.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,463 shares of the company’s stock worth $69,000 after purchasing an additional 3,125 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Resources Connection in the 4th quarter worth about $358,000. Horrell Capital Management Inc. lifted its position in shares of Resources Connection by 60.2% in the 4th quarter. Horrell Capital Management Inc. now owns 426,000 shares of the company’s stock worth $5,355,000 after purchasing an additional 160,000 shares during the period. Aperio Group LLC lifted its position in shares of Resources Connection by 5.9% in the 4th quarter. Aperio Group LLC now owns 36,461 shares of the company’s stock worth $458,000 after purchasing an additional 2,020 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Resources Connection by 3.5% in the 4th quarter. BlackRock Inc. now owns 5,056,225 shares of the company’s stock worth $63,557,000 after purchasing an additional 169,512 shares during the period. 76.38% of the stock is owned by hedge funds and other institutional investors.

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 business strategy and transformation, including program and project management, change management, transaction advisory, restructuring and bankruptcy advisory, executive search, human resources, supply chain, and legal services; and risk and compliance, such as information security and privacy, internal audit and compliance, and operational risk management areas.

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