Deutsche Bank AG Reduces Stock Position in Resources Connection, Inc. (NASDAQ:RGP)

Deutsche Bank AG cut its holdings in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 43.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 147,830 shares of the company's stock after selling 114,272 shares during the period. Deutsche Bank AG owned about 0.45% of Resources Connection worth $1,261,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. lifted its position in Resources Connection by 50.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 315,665 shares of the company's stock worth $2,693,000 after purchasing an additional 105,984 shares during the period. Deprince Race & Zollo Inc. lifted its position in Resources Connection by 38.7% during the fourth quarter. Deprince Race & Zollo Inc. now owns 963,619 shares of the company's stock worth $8,220,000 after purchasing an additional 268,954 shares during the period. Cresset Asset Management LLC lifted its position in Resources Connection by 11.7% during the fourth quarter. Cresset Asset Management LLC now owns 68,924 shares of the company's stock worth $588,000 after purchasing an additional 7,197 shares during the period. Bridgeway Capital Management LLC lifted its position in Resources Connection by 17.5% during the fourth quarter. Bridgeway Capital Management LLC now owns 327,738 shares of the company's stock worth $2,796,000 after purchasing an additional 48,808 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in Resources Connection by 58.4% during the fourth quarter. Ameriprise Financial Inc. now owns 343,820 shares of the company's stock worth $2,933,000 after purchasing an additional 126,796 shares during the period. 93.23% of the stock is currently owned by institutional investors and hedge funds.

Resources Connection Trading Down 2.4%

Shares of RGP traded down $0.13 during trading hours on Wednesday, reaching $5.22. The stock had a trading volume of 213,479 shares, compared to its average volume of 402,323. Resources Connection, Inc. has a 12 month low of $4.81 and a 12 month high of $12.19. The firm has a 50-day simple moving average of $5.63 and a 200 day simple moving average of $7.27. The company has a market capitalization of $172.62 million, a price-to-earnings ratio of -2.81 and a beta of 0.68.

Resources Connection Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 23rd will be paid a dividend of $0.07 per share. The ex-dividend date is Monday, June 23rd. Resources Connection's dividend payout ratio (DPR) is presently -8.54%.

Insider Buying and Selling at Resources Connection

In other news, COO Bhadreskumar Patel purchased 9,900 shares of the company's stock in a transaction on Monday, April 7th. The stock was purchased at an average price of $5.05 per share, with a total value of $49,995.00. Following the completion of the purchase, the chief operating officer now directly owns 131,099 shares in the company, valued at approximately $662,049.95. This trade represents a 8.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kate W. Duchene bought 20,000 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $5.14 per share, with a total value of $102,800.00. Following the transaction, the chief executive officer now directly owns 571,451 shares in the company, valued at $2,937,258.14. The trade was a 3.63% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 54,900 shares of company stock worth $279,295. Corporate insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their target price on Resources Connection from $9.50 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, April 3rd.

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.