Resources Connection (NASDAQ:RGP) Upgraded by Zacks Investment Research to “Strong-Buy”

Zacks Investment Research upgraded shares of Resources Connection (NASDAQ:RGP) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $22.00 target price on the stock.

According to Zacks, “Resources Connection, Inc. is a multinational professional services firm that helps business leaders execute internal initiatives. The company provides experienced accounting and finance, human resources management and information technology professionals to clients on a project-by-project basis. Partnering with business leaders, Resources Connection drives internal change across all parts of a global enterprise – accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory services. “

Separately, Robert W. Baird upped their price objective on Resources Connection from $19.00 to $21.00 and gave the company an outperform rating in a research note on Thursday, January 6th.

Shares of NASDAQ RGP opened at $18.30 on Tuesday. The company has a current ratio of 2.62, a quick ratio of 2.62 and a debt-to-equity ratio of 0.12. The company has a market cap of $595.24 million, a price-to-earnings ratio of 11.96 and a beta of 1.00. Resources Connection has a 12 month low of $11.49 and a 12 month high of $20.16. The stock has a 50-day moving average price of $17.88 and a two-hundred day moving average price of $16.45.

Resources Connection (NASDAQ:RGP) last released its quarterly earnings data on Tuesday, January 4th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.14. Resources Connection had a return on equity of 16.33% and a net margin of 7.18%. The company had revenue of $200.24 million during the quarter, compared to the consensus estimate of $189.41 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The firm’s revenue was up 30.7% compared to the same quarter last year. On average, sell-side analysts predict that Resources Connection will post 1.48 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 16th. Stockholders of record on Thursday, November 18th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Wednesday, November 17th. Resources Connection’s dividend payout ratio is currently 36.60%.

A number of hedge funds have recently made changes to their positions in the stock. Fieldpoint Private Securities LLC boosted its holdings in Resources Connection by 11.5% in the second quarter. Fieldpoint Private Securities LLC now owns 6,597 shares of the company’s stock valued at $95,000 after acquiring an additional 679 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in Resources Connection by 24.9% in the second quarter. Lazard Asset Management LLC now owns 3,941 shares of the company’s stock valued at $56,000 after acquiring an additional 786 shares during the last quarter. Royal Bank of Canada boosted its holdings in Resources Connection by 5.2% in the third quarter. Royal Bank of Canada now owns 16,016 shares of the company’s stock valued at $253,000 after acquiring an additional 787 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Resources Connection by 7.2% in the third quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the company’s stock valued at $235,000 after acquiring an additional 1,000 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Resources Connection by 5.6% in the third quarter. State of Alaska Department of Revenue now owns 22,552 shares of the company’s stock valued at $355,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 75.31% of the company’s stock.

Resources Connection Company Profile

Resources Connection Inc engages in the provision of business consulting services. It offers consulting and business initiative support services to its global client base in the areas of accounting, finance, corporate governance risk and compliance management, corporate advisory strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory.

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