Circumference Group LLC Has $6.93 Million Stake in Resources Connection, Inc. $RGP

Key Points

• Circumference Group LLC reduced its stake in Resources Connection, Inc. by 10.2%, selling 120,100 shares, and now holds approximately 1,060,000 shares in total, making it their largest investment.
• Resources Connection recently announced a quarterly dividend of $0.07 per share, representing an annual yield of 5.5%, with the payment date set for September 26th.
• Analysts have upgraded Resources Connection from a "strong sell" to a "hold" rating, although the consensus rating remains a "sell" with an average price target of $5.00.

Circumference Group LLC lowered its holdings in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,060,000 shares of the company's stock after selling 120,100 shares during the period. Resources Connection comprises about 8.5% of Circumference Group LLC's investment portfolio, making the stock its biggest position. Circumference Group LLC owned 3.21% of Resources Connection worth $6,932,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Royce & Associates LP grew its holdings in shares of Resources Connection by 9.1% during 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 during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Resources Connection by 3.6% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,187,901 shares of the company's stock valued at $7,769,000 after purchasing an additional 41,800 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in shares of Resources Connection by 38.7% during the 4th quarter. Deprince Race & Zollo Inc. now owns 963,619 shares of the company's stock valued at $8,220,000 after purchasing an additional 268,954 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Resources Connection by 13.6% during the 1st quarter. Russell Investments Group Ltd. now owns 946,400 shares of the company's stock valued at $6,189,000 after purchasing an additional 113,614 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Resources Connection by 13.0% in the 1st quarter. AQR Capital Management LLC now owns 714,138 shares of the company's stock worth $4,670,000 after acquiring an additional 82,099 shares during the last quarter. Institutional investors own 93.23% of the company's stock.

Resources Connection Price Performance

NASDAQ RGP traded up $0.15 during trading hours on Monday, reaching $5.15. 242,905 shares of the company's stock traded hands, compared to its average volume of 286,282. Resources Connection, Inc. has a 52-week low of $4.44 and a 52-week high of $10.27. The firm has a market cap of $171.86 million, a PE ratio of -0.88, a PEG ratio of 2.78 and a beta of 0.63. The firm has a 50-day simple moving average of $5.15 and a 200 day simple moving average of $5.62.

Resources Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, August 29th will be paid a $0.07 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 5.4%. Resources Connection's payout ratio is currently -4.81%.

Wall Street Analysts Forecast Growth

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

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.