Resources Connection (NASDAQ:RGP) Releases Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Resources Connection (NASDAQ:RGP) announced its quarterly earnings data on Wednesday. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.18, Briefing.com reports. The business had revenue of $151.31 million during the quarter, compared to the consensus estimate of $152.77 million. Resources Connection had a return on equity of 8.14% and a net margin of 3.80%. Resources Connection’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS.

Resources Connection Stock Performance

Shares of RGP traded down $0.90 during mid-day trading on Thursday, reaching $11.38. 404,620 shares of the company were exchanged, compared to its average volume of 432,710. Resources Connection has a 52 week low of $10.59 and a 52 week high of $17.24. The stock has a market capitalization of $381.34 million, a PE ratio of 14.41, a PEG ratio of 1.47 and a beta of 0.61. The business has a 50 day simple moving average of $13.34 and a two-hundred day simple moving average of $13.75.

Resources Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 15th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.92%. Resources Connection’s dividend payout ratio (DPR) is 70.89%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Resources Connection from a “buy” rating to a “hold” rating in a research report on Sunday, February 25th.

Hedge Funds Weigh In On Resources Connection

A number of hedge funds have recently made changes to their positions in RGP. Covestor Ltd raised its position in shares of Resources Connection by 483.7% during the first quarter. Covestor Ltd now owns 1,652 shares of the company’s stock worth $28,000 after acquiring an additional 1,369 shares during the last quarter. Quarry LP grew its stake in Resources Connection by 70.2% during the first quarter. Quarry LP now owns 2,042 shares of the company’s stock worth $35,000 after purchasing an additional 842 shares during the period. Captrust Financial Advisors grew its stake in Resources Connection by 41.7% during the first quarter. Captrust Financial Advisors now owns 2,659 shares of the company’s stock worth $46,000 after purchasing an additional 783 shares during the period. Qube Research & Technologies Ltd acquired a new stake in Resources Connection during the third quarter worth approximately $61,000. Finally, Point72 Middle East FZE acquired a new stake in Resources Connection during the second quarter worth approximately $118,000. 93.23% of the stock is currently owned by 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 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.