BlackRock Inc. Purchases New Position in Resources Connection, Inc. $RGP

Key Points

• BlackRock acquired 1.14 million shares of Resources Connection in the second quarter, worth approximately $4.83 million and representing a 3.30% stake. Institutional investors collectively own 93.23% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $7.00. Recent ratings ranged from “Sell” to “Hold,” despite the company slightly exceeding quarterly EPS expectations.
• Resources Connection shares opened at $4.03, while the company declared a quarterly dividend of $0.07 per share, implying an annualized yield of approximately 6.9%.

BlackRock Inc. acquired a new stake in Resources Connection, Inc. (NASDAQ:RGP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,135,241 shares of the company's stock, valued at approximately $4,825,000. BlackRock Inc. owned 3.30% of Resources Connection at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Resources Connection by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,011,147 shares of the company's stock worth $10,156,000 after acquiring an additional 97,228 shares during the period. Brandes Investment Partners LP grew its position in Resources Connection by 3.1% in the fourth quarter. Brandes Investment Partners LP now owns 1,442,645 shares of the company's stock valued at $7,271,000 after acquiring an additional 43,369 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Resources Connection by 37.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,407,032 shares of the company's stock valued at $7,091,000 after purchasing an additional 380,769 shares during the period. Circumference Group LLC raised its stake in shares of Resources Connection by 7.8% during the fourth quarter. Circumference Group LLC now owns 1,389,243 shares of the company's stock valued at $7,002,000 after purchasing an additional 100,000 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Resources Connection by 111.5% during the first quarter. Sei Investments Co. now owns 1,329,568 shares of the company's stock worth $4,959,000 after purchasing an additional 700,943 shares in the last quarter. Institutional investors and hedge funds own 93.23% of the company's stock.

Analysts Set New Price Targets

RGP has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Resources Connection from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Wall Street Zen downgraded Resources Connection from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Zacks Research raised Resources Connection from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 9th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $7.00.

Resources Connection Stock Performance

Shares of RGP stock opened at $4.03 on Friday. The stock has a market capitalization of $138.79 million, a price-to-earnings ratio of -3.36 and a beta of 0.53. Resources Connection, Inc. has a one year low of $3.06 and a one year high of $5.55. The company's 50-day simple moving average is $4.35 and its 200-day simple moving average is $4.13.

Resources Connection (NASDAQ:RGP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. Resources Connection had a negative return on equity of 4.63% and a negative net margin of 8.98%.The firm had revenue of $106.11 million during the quarter, compared to analyst estimates of $106.76 million. As a group, research analysts forecast that Resources Connection, Inc. will post -0.44 EPS for the current year.

Resources Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 3rd will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date of this dividend is Thursday, September 3rd. Resources Connection's payout ratio is currently -23.33%.

Resources Connection Company Profile

Resources Connection, Inc NASDAQ: RGP is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP's consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.

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