Resources Connection (NASDAQ:RGP) Lowered to “Sell” Rating by Wall Street Zen

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

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

Resources Connection Stock Performance

Shares of NASDAQ RGP traded down $0.13 during mid-day trading on Friday, reaching $4.34. 349,073 shares of the company’s stock were exchanged, compared to its average volume of 323,331. The company’s 50-day moving average is $4.82 and its 200-day moving average is $5.12. The firm has a market capitalization of $144.91 million, a price-to-earnings ratio of -0.76 and a beta of 0.60. Resources Connection has a 52-week low of $4.13 and a 52-week high of $9.96.

Resources Connection Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a $0.07 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.28 dividend on an annualized basis and a yield of 6.5%. Resources Connection’s payout ratio is currently -4.90%.

Insiders Place Their Bets

In other news, CEO Kate W. Duchene acquired 23,015 shares of Resources Connection stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average cost of $4.36 per share, for a total transaction of $100,345.40. Following the acquisition, the chief executive officer owned 590,234 shares of the company’s stock, valued at $2,573,420.24. This trade represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anthony Cherbak sold 10,000 shares of the business’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $4.50, for a total transaction of $45,000.00. Following the transaction, the director owned 15,000 shares of the company’s stock, valued at approximately $67,500. The trade was a 40.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 7.91% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RGP. Royce & Associates LP lifted its position in Resources Connection by 9.1% in the first quarter. Royce & Associates LP now owns 2,063,619 shares of the company’s stock valued at $13,496,000 after purchasing an additional 172,158 shares during the period. Vanguard Group Inc. raised its stake in shares of Resources Connection by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,011,147 shares of the company’s stock worth $10,156,000 after buying an additional 97,228 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Resources Connection by 3.6% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,187,901 shares of the company’s stock valued at $7,769,000 after buying an additional 41,800 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Resources Connection by 13.6% in the first quarter. Russell Investments Group Ltd. now owns 946,400 shares of the company’s stock valued at $6,189,000 after buying an additional 113,614 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its stake in shares of Resources Connection by 30.5% in the first quarter. Invenomic Capital Management LP now owns 788,952 shares of the company’s stock valued at $5,160,000 after buying an additional 184,335 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.

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.