Resources Connection (NASDAQ:RGP) Posts Earnings Results, Beats Expectations By $0.03 EPS

Resources Connection (NASDAQ:RGP) issued its quarterly earnings results on Wednesday. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03, Zacks reports. Resources Connection had a positive return on equity of 2.11% and a negative net margin of 35.25%.

Resources Connection Stock Performance

RGP stock traded up $0.05 during midday trading on Wednesday, hitting $5.27. 242,677 shares of the company’s stock were exchanged, compared to its average volume of 266,688. Resources Connection has a one year low of $4.13 and a one year high of $8.90. The company has a market cap of $175.80 million, a PE ratio of -0.92 and a beta of 0.49. The stock’s fifty day moving average price is $4.88 and its 200-day moving average price is $4.98.

Resources Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 14th were issued a dividend of $0.07 per share. The ex-dividend date was Friday, November 14th. This represents a $0.28 annualized dividend and a yield of 5.3%. Resources Connection’s payout ratio is currently -4.90%.

Insider Transactions at Resources Connection

In related news, CEO Kate W. Duchene purchased 23,015 shares of Resources Connection stock in a transaction dated Wednesday, October 15th. The stock was bought at an average price of $4.36 per share, for a total transaction of $100,345.40. Following the completion of the acquisition, the chief executive officer directly owned 590,234 shares of the company’s stock, valued at $2,573,420.24. This represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony Cherbak sold 10,000 shares of the 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 sale, the director directly owned 15,000 shares of the company’s stock, valued at $67,500. This represents a 40.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have acquired a total of 123,015 shares of company stock valued at $552,445 over the last 90 days. 7.91% of the stock is owned by company insiders.

Institutional Trading of Resources Connection

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Resources Connection by 5.1% during the third 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 during the last quarter. AQR Capital Management LLC raised its holdings in shares of Resources Connection by 13.0% in the 1st quarter. AQR Capital Management LLC now owns 714,138 shares of the company’s stock valued at $4,670,000 after purchasing an additional 82,099 shares during the period. JPMorgan Chase & Co. lifted its stake in Resources Connection by 7.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 498,882 shares of the company’s stock valued at $2,519,000 after purchasing an additional 36,352 shares during the last quarter. Ameriprise Financial Inc. increased its position in Resources Connection by 25.5% during the second quarter. Ameriprise Financial Inc. now owns 480,170 shares of the company’s stock worth $2,579,000 after buying an additional 97,602 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its stake in Resources Connection by 3.0% in the second quarter. Bridgeway Capital Management LLC now owns 377,146 shares of the company’s stock valued at $2,025,000 after buying an additional 11,077 shares during the period. Institutional investors and hedge funds own 93.23% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on RGP shares. Noble Financial reissued an “outperform” rating on shares of Resources Connection in a report on Monday, October 13th. Northcoast Research initiated coverage on shares of Resources Connection in a research note on Wednesday, September 24th. They set a “buy” rating and a $7.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Resources Connection in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. 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.com, the company presently has a consensus rating of “Hold” and an average price target of $6.00.

Resources Connection Company Profile

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.