Resources Connection (NASDAQ:RGP) Stock Rating Lowered by Wall Street Zen

Resources Connection (NASDAQ:RGP) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Sunday.

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

Resources Connection Trading Down 2.9%

Shares of NASDAQ RGP opened at $4.34 on Friday. Resources Connection has a 12-month low of $4.13 and a 12-month high of $9.96. The firm’s 50-day moving average price is $4.80 and its 200-day moving average price is $5.11. The stock has a market capitalization of $144.91 million, a price-to-earnings ratio of -0.76 and a beta of 0.60.

Insiders Place Their Bets

In other Resources Connection news, CEO Kate W. Duchene bought 23,015 shares of Resources Connection stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average cost of $4.36 per share, with a total value of $100,345.40. Following the transaction, the chief executive officer directly owned 590,234 shares of the company’s stock, valued at approximately $2,573,420.24. This represents a 4.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony Cherbak sold 10,000 shares of the stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $4.50, for a total value of $45,000.00. Following the completion of the sale, the director owned 15,000 shares of the company’s stock, valued at approximately $67,500. This trade represents a 40.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 7.91% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. SummerHaven Investment Management LLC lifted its holdings in shares of Resources Connection by 3.3% during the second quarter. SummerHaven Investment Management LLC now owns 81,689 shares of the company’s stock worth $439,000 after purchasing an additional 2,582 shares during the period. MetLife Investment Management LLC raised its position in Resources Connection by 19.4% during the 1st quarter. MetLife Investment Management LLC now owns 18,249 shares of the company’s stock worth $119,000 after buying an additional 2,969 shares during the last quarter. CWM LLC lifted its stake in Resources Connection by 38.0% during the 1st quarter. CWM LLC now owns 15,243 shares of the company’s stock valued at $100,000 after acquiring an additional 4,199 shares during the period. Strs Ohio boosted its holdings in shares of Resources Connection by 57.5% in the 3rd quarter. Strs Ohio now owns 11,500 shares of the company’s stock valued at $58,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Petrus Trust Company LTA boosted its holdings in shares of Resources Connection by 14.6% in the 1st quarter. Petrus Trust Company LTA now owns 33,759 shares of the company’s stock valued at $221,000 after acquiring an additional 4,300 shares during the last quarter. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

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.