Resources Connection (NASDAQ:RGP) Rating Increased to Hold at Wall Street Zen

Key Points

• Resources Connection has been upgraded from a "strong sell" to a "hold" rating by Wall Street Zen.
• JPMorgan Chase & Co. lowered their target price for Resources Connection from $9.50 to $5.00 and set an "underweight" rating.
• The company has significant institutional backing with 93.23% of its stock owned by institutional investors.

Wall Street Zen upgraded shares of Resources Connection (NASDAQ:RGP - Free Report) from a strong sell rating to a hold rating in a report released on Saturday.

Separately, JPMorgan Chase & Co. decreased their price target on Resources Connection from $9.50 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, April 3rd.

Resources Connection Stock Down 2.2%

NASDAQ:RGP traded down $0.12 during trading hours on Friday, reaching $5.08. 32,166 shares of the stock were exchanged, compared to its average volume of 283,034. The business has a 50-day moving average of $5.41 and a two-hundred day moving average of $6.32. Resources Connection has a twelve month low of $4.81 and a twelve month high of $12.19. The company has a market capitalization of $167.83 million, a price-to-earnings ratio of -0.87, a PEG ratio of 1.29 and a beta of 0.64.

Resources Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, June 23rd were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date was Monday, June 23rd. Resources Connection's dividend payout ratio (DPR) is -4.81%.

Institutional Trading of Resources Connection

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Resources Connection by 3,712.9% in the first quarter. GAMMA Investing LLC now owns 4,728 shares of the company's stock valued at $31,000 after acquiring an additional 4,604 shares in the last quarter. Strs Ohio purchased a new position in shares of Resources Connection during the first quarter worth about $48,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Resources Connection during the first quarter worth about $82,000. Capital Investment Advisors LLC purchased a new position in shares of Resources Connection during the first quarter worth about $90,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Resources Connection during the second quarter worth about $99,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

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.