Resources Connection (NASDAQ:RGP) Posts Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Resources Connection (NASDAQ:RGP) released its quarterly earnings results on Wednesday. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.18, Briefing.com reports. The company had revenue of $151.31 million for the quarter, compared to analysts’ expectations of $152.77 million. Resources Connection had a return on equity of 6.86% and a net margin of 3.34%. The business’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 earnings per share.

Resources Connection Stock Performance

NASDAQ:RGP traded up $0.60 during trading on Friday, reaching $11.95. The company’s stock had a trading volume of 370,176 shares, compared to its average volume of 442,489. The firm has a market cap of $400.44 million, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 1.44 and a beta of 0.61. The firm has a 50 day moving average of $13.29 and a 200-day moving average of $13.73. Resources Connection has a 12 month low of $10.59 and a 12 month high of $17.24.

Resources Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 15th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.56 dividend on an annualized basis and a yield of 4.69%. Resources Connection’s dividend payout ratio (DPR) is presently 84.85%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC lifted its position in shares of Resources Connection by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 12,745 shares of the company’s stock valued at $181,000 after buying an additional 1,217 shares during the last quarter. Jane Street Group LLC purchased a new stake in Resources Connection during the 1st quarter worth about $179,000. Balyasny Asset Management L.P. purchased a new stake in Resources Connection during the 1st quarter worth about $178,000. State of Wyoming lifted its holdings in Resources Connection by 29.8% during the 4th quarter. State of Wyoming now owns 9,246 shares of the company’s stock worth $170,000 after purchasing an additional 2,124 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Resources Connection during the 2nd quarter worth about $165,000. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com lowered Resources Connection from a “buy” rating to a “hold” rating in a research note on Sunday, February 25th. Robert W. Baird decreased their price target on Resources Connection from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday.

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.