R Squared Ltd Purchases New Shares in Resources Connection, Inc. $RGP

R Squared Ltd acquired a new stake in Resources Connection, Inc. (NASDAQ:RGP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,653 shares of the company’s stock, valued at approximately $57,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RGP. Wealth Enhancement Advisory Services LLC purchased a new position in Resources Connection in the 1st quarter valued at $82,000. Cerity Partners LLC purchased a new position in Resources Connection in the 1st quarter valued at $139,000. CWM LLC lifted its holdings in Resources Connection by 38.0% in the 1st quarter. CWM LLC now owns 15,243 shares of the company’s stock valued at $100,000 after purchasing an additional 4,199 shares in the last quarter. AE Wealth Management LLC purchased a new position in Resources Connection in the 1st quarter valued at $187,000. Finally, Royce & Associates LP lifted its holdings in Resources Connection by 9.1% in the 1st quarter. Royce & Associates LP now owns 2,063,619 shares of the company’s stock valued at $13,496,000 after purchasing an additional 172,158 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Noble Financial restated an “outperform” rating on shares of Resources Connection in a report on Monday, October 13th. Northcoast Research initiated coverage on Resources Connection in a report on Wednesday, September 24th. They set a “buy” rating and a $7.00 price target on the stock. Wall Street Zen lowered Resources Connection from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Resources Connection in a report on Saturday. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $6.00.

Resources Connection Trading Up 2.9%

Shares of RGP opened at $4.54 on Monday. The firm has a market cap of $151.59 million, a P/E ratio of -0.79 and a beta of 0.62. Resources Connection, Inc. has a 12-month low of $4.23 and a 12-month high of $9.96. The company’s 50-day moving average price is $4.89 and its 200 day moving average price is $5.18.

Resources Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 6.2%. The ex-dividend date is Friday, November 14th. Resources Connection’s payout ratio is -4.90%.

Insider Activity

In other Resources Connection news, Director Anthony Cherbak sold 10,000 shares of Resources Connection stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $4.50, for a total value of $45,000.00. Following the completion of the transaction, the director directly owned 15,000 shares of the company’s stock, valued at $67,500. The trade was a 40.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kate W. Duchene bought 23,015 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was purchased at an average cost of $4.36 per share, with a total value of $100,345.40. Following the completion of the transaction, the chief executive officer owned 590,234 shares in the company, valued at $2,573,420.24. This represents a 4.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 7.91% of the company’s stock.

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.