State of New Jersey Common Pension Fund D Lowers Stock Holdings in Resources Connection, Inc. (NASDAQ:RGP)

State of New Jersey Common Pension Fund D lowered its holdings in shares of Resources Connection, Inc. (NASDAQ:RGP) by 17.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 170,472 shares of the company’s stock after selling 37,286 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.51% of Resources Connection worth $1,882,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RGP. Victory Capital Management Inc. lifted its position in shares of Resources Connection by 13.8% in the second quarter. Victory Capital Management Inc. now owns 13,623 shares of the company’s stock valued at $150,000 after acquiring an additional 1,649 shares in the last quarter. WBI Investments LLC purchased a new position in shares of Resources Connection in the second quarter valued at approximately $293,000. Access Investment Management LLC lifted its position in shares of Resources Connection by 50.5% in the second quarter. Access Investment Management LLC now owns 132,555 shares of the company’s stock valued at $1,463,000 after acquiring an additional 44,475 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Resources Connection by 66.4% in the second quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock valued at $28,000 after acquiring an additional 1,019 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Resources Connection by 883.5% in the second quarter. CWM LLC now owns 3,393 shares of the company’s stock valued at $37,000 after acquiring an additional 3,048 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RGP shares. JPMorgan Chase & Co. decreased their target price on Resources Connection from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 23rd. Noble Financial started coverage on Resources Connection in a report on Wednesday, May 29th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, StockNews.com cut Resources Connection from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.00.

Resources Connection Stock Performance

NASDAQ:RGP opened at $9.94 on Monday. Resources Connection, Inc. has a one year low of $9.44 and a one year high of $15.44. The stock has a market cap of $332.69 million, a PE ratio of 15.06, a P/E/G ratio of 1.49 and a beta of 0.65. The stock has a 50 day moving average price of $10.45 and a 200 day moving average price of $11.15.

Resources Connection (NASDAQ:RGP) last posted its earnings results on Thursday, July 18th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.18. The company had revenue of $148.20 million during the quarter, compared to analysts’ expectations of $140.59 million. Resources Connection had a return on equity of 6.19% and a net margin of 3.32%. The firm’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.39 earnings per share. As a group, analysts predict that Resources Connection, Inc. will post 0.45 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 23rd were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.63%. The ex-dividend date of this dividend was Friday, August 23rd. Resources Connection’s dividend payout ratio (DPR) is 84.85%.

Insiders Place Their Bets

In other news, CFO Jennifer Y. Ryu sold 11,650 shares of Resources Connection stock in a transaction dated 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 owns 84,481 shares in the company, valued at $950,411.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Jennifer Y. Ryu sold 11,650 shares of Resources Connection stock in a transaction dated 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 owns 84,481 shares in the company, valued at $950,411.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger D. Carlile purchased 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was bought at an average price of $11.25 per share, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 25,000 shares in the company, valued at $281,250. The disclosure for this purchase can be found here. 7.36% of the stock is owned by company insiders.

Resources Connection 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.