Resources Connection, Inc. (NASDAQ:RGP) Holdings Lowered by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC trimmed its stake in shares of Resources Connection, Inc. (NASDAQ:RGP) by 5.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,174 shares of the company’s stock after selling 1,631 shares during the period. Exchange Traded Concepts LLC owned about 0.09% of Resources Connection worth $293,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in Resources Connection by 1.3% during the first quarter. Vanguard Group Inc. now owns 2,419,297 shares of the company’s stock valued at $31,838,000 after buying an additional 30,393 shares during the period. AQR Capital Management LLC raised its position in Resources Connection by 18.8% during the second quarter. AQR Capital Management LLC now owns 836,558 shares of the company’s stock valued at $9,236,000 after buying an additional 132,586 shares during the period. Millennium Management LLC raised its position in Resources Connection by 438.5% during the second quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock valued at $5,937,000 after buying an additional 437,878 shares during the period. Tieton Capital Management LLC acquired a new position in Resources Connection during the second quarter valued at $4,452,000. Finally, Jacobs Levy Equity Management Inc. raised its position in Resources Connection by 53.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 394,820 shares of the company’s stock valued at $5,196,000 after buying an additional 137,604 shares during the period. 93.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RGP has been the topic of several recent analyst reports. StockNews.com lowered Resources Connection from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. JPMorgan Chase & Co. dropped their price target 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.

Insider Activity

In other Resources Connection news, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total value of $131,062.50. Following the completion of the sale, the chief financial officer now owns 84,481 shares in the company, valued at approximately $950,411.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.36% of the stock is currently owned by insiders.

Resources Connection Price Performance

Shares of RGP stock opened at $8.47 on Monday. Resources Connection, Inc. has a fifty-two week low of $8.13 and a fifty-two week high of $14.63. The stock’s 50-day moving average is $9.53 and its two-hundred day moving average is $10.51. The firm has a market cap of $286.35 million, a P/E ratio of 12.83, a PEG ratio of 3.35 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last issued its earnings results on Tuesday, October 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.21). Resources Connection had a return on equity of 3.69% and a net margin of 2.04%. The firm had revenue of $136.94 million during the quarter, compared to analyst estimates of $137.82 million. During the same period in the previous year, the company earned $0.14 earnings per share. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. As a group, research analysts expect that Resources Connection, Inc. will post 0.16 EPS for the current year.

Resources Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders 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 dividend yield of 6.61%. The ex-dividend date was Friday, August 23rd. Resources Connection’s dividend payout ratio is 84.85%.

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.