Resources Connection (NASDAQ:RGP) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Resources Connection (NASDAQ:RGP) from a sell rating to a hold rating in a research note published on Saturday.

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Resources Connection in a research note on Wednesday, October 8th. Noble Financial reissued an “outperform” rating on shares of Resources Connection in a report on Monday, October 13th. Finally, Northcoast Research initiated coverage on shares of Resources Connection in a report on Wednesday, September 24th. They issued a “buy” rating and a $7.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Resources Connection presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Resources Connection Stock Up 2.3%

Shares of RGP opened at $4.40 on Friday. The company has a market cap of $146.92 million, a price-to-earnings ratio of -0.77 and a beta of 0.62. Resources Connection has a twelve month low of $4.13 and a twelve month high of $9.96. The company has a 50 day moving average of $4.86 and a two-hundred day moving average of $5.15.

Resources Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 6.4%. The ex-dividend date is Friday, November 14th. Resources Connection’s payout ratio is presently -4.90%.

Insider Activity

In other news, CEO Kate W. Duchene bought 23,015 shares of the firm’s stock in a transaction on 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 acquisition, the chief executive officer directly owned 590,234 shares of the company’s stock, valued at $2,573,420.24. This trade represents a 4.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anthony Cherbak sold 10,000 shares of the business’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $4.50, for a total transaction of $45,000.00. Following the completion of the transaction, the director owned 15,000 shares in the company, valued at $67,500. The trade was a 40.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 7.91% of the company’s stock.

Hedge Funds Weigh In On Resources Connection

Several large investors have recently made changes to their positions in RGP. Nuveen LLC acquired a new position in shares of Resources Connection in the 1st quarter worth approximately $1,431,000. Invenomic Capital Management LP increased its position in shares of Resources Connection by 30.5% in the 1st quarter. Invenomic Capital Management LP now owns 788,952 shares of the company’s stock valued at $5,160,000 after purchasing an additional 184,335 shares during the last quarter. Royce & Associates LP grew its position in shares of Resources Connection by 9.1% in the 1st quarter. Royce & Associates LP now owns 2,063,619 shares of the company’s stock valued at $13,496,000 after buying an additional 172,158 shares during the last quarter. Trexquant Investment LP grew its position in shares of Resources Connection by 189.6% in the 1st quarter. Trexquant Investment LP now owns 213,494 shares of the company’s stock valued at $1,396,000 after buying an additional 139,761 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Resources Connection by 13.6% during the 1st quarter. Russell Investments Group Ltd. now owns 946,400 shares of the company’s stock worth $6,189,000 after purchasing an additional 113,614 shares during the period. 93.23% of the stock is currently owned by institutional investors and hedge funds.

About Resources Connection

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.