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

Resources Connection (NASDAQ:RGP) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

RGP has been the topic of a number of other research reports. Wall Street Zen raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered shares of Resources Connection from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.00.

Resources Connection Trading Up 0.4%

Shares of RGP stock opened at $4.71 on Tuesday. Resources Connection has a 1 year low of $3.06 and a 1 year high of $6.30. The firm’s fifty day simple moving average is $4.16 and its 200 day simple moving average is $4.32. The firm has a market capitalization of $161.69 million, a P/E ratio of -1.59 and a beta of 0.55.

Resources Connection (NASDAQ:RGP) last announced its earnings results on Wednesday, April 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). Resources Connection had a negative return on equity of 0.55% and a negative net margin of 20.16%.The company had revenue of $107.93 million for the quarter, compared to the consensus estimate of $108.19 million. Equities research analysts anticipate that Resources Connection will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Resources Connection by 81.3% during the 1st quarter. Royal Bank of Canada now owns 35,224 shares of the company’s stock worth $131,000 after buying an additional 15,796 shares in the last quarter. Renaissance Technologies LLC lifted its position in Resources Connection by 10.7% during the 1st quarter. Renaissance Technologies LLC now owns 311,200 shares of the company’s stock valued at $1,161,000 after purchasing an additional 30,000 shares during the period. Sei Investments Co. lifted its position in Resources Connection by 111.5% during the 1st quarter. Sei Investments Co. now owns 1,329,568 shares of the company’s stock valued at $4,959,000 after purchasing an additional 700,943 shares during the period. PNC Financial Services Group Inc. lifted its position in Resources Connection by 58.5% during 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 during the period. Finally, Bank of New York Mellon Corp lifted its position in Resources Connection by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 223,311 shares of the company’s stock valued at $833,000 after purchasing an additional 28,650 shares during the period. Institutional investors and hedge funds own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.