Charles Schwab Investment Management Inc. Boosts Stake in Resources Connection, Inc. $RGP

Key Points

• Charles Schwab Investment Management Inc. increased its position in Resources Connection, Inc. by 30.6%, owning 482,919 shares valued at approximately $3.16 million after purchasing additional shares in the first quarter.
• Additionally, Resources Connection recently announced a quarterly dividend of $0.07 per share, equating to an annual yield of 5.5%, to be paid on September 26th.
• Wall Street analyst ratings for Resources Connection improved from a "strong sell" to a "hold," but the stock still holds a consensus price target of $5.00.

Charles Schwab Investment Management Inc. grew its stake in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 30.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 482,919 shares of the company's stock after buying an additional 113,114 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.46% of Resources Connection worth $3,158,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in RGP. Wells Fargo & Company MN boosted its stake in shares of Resources Connection by 32.0% in the 4th quarter. Wells Fargo & Company MN now owns 19,784 shares of the company's stock valued at $169,000 after buying an additional 4,796 shares during the period. Raymond James Financial Inc. purchased a new stake in Resources Connection during the fourth quarter worth approximately $272,000. Barclays PLC lifted its stake in Resources Connection by 20.2% during the fourth quarter. Barclays PLC now owns 58,052 shares of the company's stock worth $496,000 after purchasing an additional 9,772 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Resources Connection by 17.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock worth $105,000 after purchasing an additional 1,863 shares during the last quarter. Finally, Tudor Investment Corp ET AL lifted its stake in Resources Connection by 131.4% during the fourth quarter. Tudor Investment Corp ET AL now owns 117,175 shares of the company's stock worth $1,000,000 after purchasing an additional 66,544 shares during the last quarter. Hedge funds and other institutional investors own 93.23% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Resources Connection from a "strong sell" rating to a "hold" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of "Sell" and a consensus target price of $5.00.

Resources Connection Trading Up 1.2%

Shares of NASDAQ:RGP traded up $0.06 during trading on Monday, reaching $5.11. The company had a trading volume of 322,718 shares, compared to its average volume of 266,042. The stock's fifty day moving average price is $5.18 and its 200 day moving average price is $5.72. Resources Connection, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $10.45.

Resources Connection Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, August 29th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 5.5%. Resources Connection's payout ratio is presently -4.81%.

About Resources Connection

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.