Resources Connection (NASDAQ:RGP) Price Target Cut to $11.00 by Analysts at JPMorgan Chase & Co.

Resources Connection (NASDAQ:RGP) had its price objective decreased by JPMorgan Chase & Co. from $12.00 to $11.00 in a research note published on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

Several other brokerages have also recently weighed in on RGP. Robert W. Baird dropped their price objective on Resources Connection from $15.00 to $13.00 and set a neutral rating on the stock in a research note on Thursday, April 4th. StockNews.com upgraded Resources Connection from a hold rating to a buy rating in a research note on Friday, July 19th. Finally, Noble Financial initiated coverage on Resources Connection in a research note on Wednesday, May 29th. They set an outperform rating and a $15.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $13.00.

Resources Connection Trading Up 1.2 %

Shares of NASDAQ:RGP opened at $11.60 on Tuesday. The stock’s fifty day simple moving average is $10.84 and its two-hundred day simple moving average is $12.03. Resources Connection has a 1-year low of $9.70 and a 1-year high of $16.87. The stock has a market cap of $392.16 million, a PE ratio of 17.58, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67.

Resources Connection (NASDAQ:RGP) last issued its quarterly earnings data on Thursday, July 18th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.18. Resources Connection had a return on equity of 6.19% and a net margin of 3.32%. The business had revenue of $148.20 million for the quarter, compared to analysts’ expectations of $140.59 million. During the same period last year, the business earned $0.39 EPS. The business’s revenue was down 19.7% on a year-over-year basis. On average, sell-side analysts forecast that Resources Connection will post 0.69 earnings per share for the current fiscal year.

Insider Transactions at Resources Connection

In other news, CFO Jennifer Y. Ryu sold 11,650 shares of Resources Connection stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total transaction of $131,062.50. Following the sale, the chief financial officer now directly owns 84,481 shares in the company, valued at approximately $950,411.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Jennifer Y. Ryu sold 11,650 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total value of $131,062.50. Following the sale, the chief financial officer now directly owns 84,481 shares in the company, valued at approximately $950,411.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger D. Carlile acquired 25,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average price of $11.25 per share, for a total transaction of $281,250.00. Following the completion of the purchase, the director now directly owns 25,000 shares in the company, valued at approximately $281,250. The disclosure for this purchase can be found here. Company insiders own 7.36% of the company’s stock.

Institutional Investors Weigh In On Resources Connection

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in Resources Connection by 66.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock valued at $28,000 after buying an additional 1,019 shares in the last quarter. Quarry LP purchased a new position in Resources Connection during the 4th quarter valued at about $39,000. CWM LLC grew its holdings in Resources Connection by 883.5% during the 2nd quarter. CWM LLC now owns 3,393 shares of the company’s stock valued at $37,000 after buying an additional 3,048 shares in the last quarter. Mather Group LLC. purchased a new position in Resources Connection during the 2nd quarter valued at about $44,000. Finally, Gladius Capital Management LP purchased a new position in Resources Connection during the 4th quarter valued at about $65,000. 93.23% of the stock is currently owned by 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.