RCM Technologies, Inc. $RCMT Stock Sold by Ballast Asset Management LP

Ballast Asset Management LP decreased its stake in shares of RCM Technologies, Inc. (NASDAQ:RCMT) by 12.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 138,991 shares of the business services provider’s stock after selling 20,640 shares during the period. RCM Technologies makes up 2.5% of Ballast Asset Management LP’s investment portfolio, making the stock its 10th largest holding. Ballast Asset Management LP owned approximately 1.95% of RCM Technologies worth $5,654,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of RCMT. Sei Investments Co. raised its stake in RCM Technologies by 209.9% in the first quarter. Sei Investments Co. now owns 126,872 shares of the business services provider’s stock worth $2,428,000 after buying an additional 85,936 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in RCM Technologies in the second quarter worth about $551,000. Inspire Investing LLC bought a new stake in RCM Technologies during the 3rd quarter valued at approximately $2,487,000. WNY Asset Management LLC bought a new stake in RCM Technologies during the 1st quarter valued at approximately $383,000. Finally, Janney Montgomery Scott LLC boosted its position in RCM Technologies by 3.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 35,735 shares of the business services provider’s stock valued at $684,000 after acquiring an additional 1,341 shares in the last quarter. Hedge funds and other institutional investors own 43.20% of the company’s stock.

Insider Activity at RCM Technologies

In other RCM Technologies news, Chairman Bradley Vizi sold 74,719 shares of RCM Technologies stock in a transaction on Monday, August 17th. The stock was sold at an average price of $38.86, for a total transaction of $2,903,580.34. Following the completion of the transaction, the chairman owned 1,402,477 shares in the company, valued at approximately $54,500,256.22. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Miller sold 60,000 shares of RCM Technologies stock in a transaction on Monday, August 17th. The shares were sold at an average price of $37.98, for a total value of $2,278,800.00. Following the transaction, the chief financial officer owned 338,362 shares of the company’s stock, valued at $12,850,988.76. The trade was a 15.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 219,997 shares of company stock valued at $8,238,837 in the last 90 days. Corporate insiders own 28.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RCMT shares. Benchmark increased their target price on RCM Technologies from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Wall Street Zen raised RCM Technologies from a “hold” rating to a “strong-buy” rating in a research note on Sunday, August 16th. B. Riley Financial upped their price target on RCM Technologies from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Zacks Research downgraded RCM Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 13th. Finally, Weiss Ratings raised RCM Technologies from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.00.

RCM Technologies Trading Up 5.5%

NASDAQ:RCMT opened at $33.82 on Tuesday. The firm has a market capitalization of $240.46 million, a P/E ratio of 15.17 and a beta of 0.48. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.92 and a quick ratio of 1.92. RCM Technologies, Inc. has a one year low of $17.26 and a one year high of $43.68. The company’s 50-day simple moving average is $38.96 and its 200 day simple moving average is $28.96.

RCM Technologies (NASDAQ:RCMT) last announced its earnings results on Thursday, August 13th. The business services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. RCM Technologies had a net margin of 5.13% and a return on equity of 37.92%. The business had revenue of $93.82 million during the quarter, compared to the consensus estimate of $81.75 million. As a group, analysts forecast that RCM Technologies, Inc. will post 2.24 EPS for the current fiscal year.

RCM Technologies Profile

RCM Technologies, Inc (NASDAQ: RCMT) is a provider of business and technology solutions for commercial and government organizations. The company delivers consulting, staffing, project management and implementation services designed to support clients’ operational, technical and workforce needs.

RCM Technologies operates through service areas that include engineering, life sciences and information technology. Its engineering business supports infrastructure, utilities, transportation, aerospace and defense, and other industrial and public-sector projects.