JPMorgan Chase & Co. Cuts Resources Connection (NASDAQ:RGP) Price Target to $5.00

Resources Connection (NASDAQ:RGP) had its target price dropped by research analysts at JPMorgan Chase & Co. from $9.50 to $5.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 11.82% from the company’s previous close.

Resources Connection Price Performance

Shares of Resources Connection stock traded down $0.96 on Thursday, reaching $5.67. 325,040 shares of the company traded hands, compared to its average volume of 403,681. The company has a 50 day moving average of $7.49 and a 200 day moving average of $8.22. Resources Connection has a 52 week low of $5.38 and a 52 week high of $12.61. The firm has a market capitalization of $187.63 million, a PE ratio of -3.05 and a beta of 0.61.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Horrell Capital Management Inc. lifted its holdings in Resources Connection by 30.1% during the fourth quarter. Horrell Capital Management Inc. now owns 1,060,000 shares of the company’s stock valued at $9,042,000 after purchasing an additional 245,000 shares during the last quarter. Deprince Race & Zollo Inc. boosted its holdings in Resources Connection by 38.7% in the 4th quarter. Deprince Race & Zollo Inc. now owns 963,619 shares of the company’s stock worth $8,220,000 after buying an additional 268,954 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in Resources Connection by 4.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 840,591 shares of the company’s stock valued at $8,154,000 after buying an additional 34,570 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Resources Connection by 23.1% during the 4th quarter. Russell Investments Group Ltd. now owns 832,786 shares of the company’s stock valued at $7,104,000 after acquiring an additional 156,280 shares during the period. Finally, Tieton Capital Management LLC lifted its position in shares of Resources Connection by 42.4% during the fourth quarter. Tieton Capital Management LLC now owns 823,108 shares of the company’s stock worth $7,021,000 after acquiring an additional 245,022 shares in the last quarter. Institutional investors own 93.23% of the company’s stock.

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.