Circumference Group LLC Lowers Stock Position 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 position in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 holdings, making the stock its largest holding. Circumference Group LLC owned approximately 3.21% of Resources Connection worth $6,932,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RGP. Price T Rowe Associates Inc. MD lifted its stake in shares of Resources Connection by 17.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock valued at $105,000 after acquiring an additional 1,863 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Resources Connection by 12.3% in the 4th quarter. Mackenzie Financial Corp now owns 17,527 shares of the company's stock valued at $150,000 after acquiring an additional 1,921 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Resources Connection by 19.4% in the 1st quarter. MetLife Investment Management LLC now owns 18,249 shares of the company's stock valued at $119,000 after acquiring an additional 2,969 shares during the last quarter. State of Wyoming lifted its stake in shares of Resources Connection by 23.4% in the 4th quarter. State of Wyoming now owns 18,319 shares of the company's stock valued at $156,000 after acquiring an additional 3,476 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Resources Connection by 38.0% in the 1st quarter. CWM LLC now owns 15,243 shares of the company's stock valued at $100,000 after acquiring an additional 4,199 shares during the last quarter. Institutional investors own 93.23% of the company's stock.

Resources Connection Stock Performance

Shares of Resources Connection stock traded down $0.09 during midday trading on Tuesday, hitting $5.07. The company had a trading volume of 97,818 shares, compared to its average volume of 285,169. The company has a 50 day moving average of $5.15 and a 200 day moving average of $5.60. Resources Connection, Inc. has a 52-week low of $4.44 and a 52-week high of $10.27. The stock has a market capitalization of $169.02 million, a P/E ratio of -0.87, a P/E/G ratio of 2.78 and a beta of 0.63.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 5.5%. The ex-dividend date is Friday, August 29th. Resources Connection's dividend payout ratio (DPR) is currently -4.81%.

Wall Street Analysts Forecast Growth

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

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.