Resources Connection (NASDAQ:RGP) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Resources Connection (NASDAQ:RGP) from a hold rating to a sell rating in a research report sent to investors on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings cut Resources Connection from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

Resources Connection Stock Performance

Shares of RGP stock opened at $2.83 on Friday. The company has a market cap of $98.20 million, a price-to-earnings ratio of -2.08 and a beta of 0.56. The stock has a 50 day simple moving average of $4.05 and a 200-day simple moving average of $4.16. Resources Connection has a 12-month low of $2.79 and a 12-month high of $5.36.

Resources Connection (NASDAQ:RGP) last posted its quarterly earnings results on Wednesday, October 7th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. Resources Connection had a negative return on equity of 8.10% and a negative net margin of 10.74%. The business had revenue of $98.09 million during the quarter, compared to analysts’ expectations of $99.98 million. On average, equities analysts forecast that Resources Connection will post -0.44 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 3rd were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 9.9%. The ex-dividend date was Thursday, September 3rd. Resources Connection’s dividend payout ratio is presently -20.59%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in Resources Connection by 58.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 24,636 shares of the company’s stock valued at $92,000 after purchasing an additional 9,094 shares in the last quarter. DGS Capital Management LLC acquired a new position in Resources Connection during the first quarter worth $44,000. Royal Bank of Canada raised its holdings in Resources Connection by 81.3% during the first 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 during the last quarter. IMC Chicago LLC acquired a new position in Resources Connection during the second quarter worth $69,000. Finally, Empowered Funds LLC purchased a new stake in Resources Connection during the second quarter worth $86,000. 93.23% of the stock is owned by hedge funds and other institutional investors.

About Resources Connection

Resources Connection, Inc (NASDAQ:RGP), operating under the RGP brand, is a global consulting services company that helps organizations manage business-critical initiatives and transformation projects. The company provides experienced consultants and project teams to support clients on a flexible, project-based basis.

RGP’s services cover areas including finance and accounting, technology, supply chain and procurement, human resources, legal and compliance, risk management, and business transformation.