Russell Investments Group Ltd. Purchases 113,614 Shares of Resources Connection, Inc. $RGP

Key Points

• Russell Investments Group Ltd. increased its stake in Resources Connection, Inc. by 13.6%, owning approximately 946,400 shares valued at around $6.19 million as of the latest reporting period.
• The company has announced a quarterly dividend of $0.07 per share, leading to an annualized dividend of $0.28 and a yield of 6.0%.
• Resources Connection's stock received an upgrade from a "strong sell" to a "hold" rating, although the current consensus rating remains a "sell" with a target price of $5.00.

Russell Investments Group Ltd. boosted its stake in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 13.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 946,400 shares of the company's stock after purchasing an additional 113,614 shares during the quarter. Russell Investments Group Ltd. owned about 2.86% of Resources Connection worth $6,189,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Nuveen LLC purchased a new stake in Resources Connection in the 1st quarter worth $1,431,000. Charles Schwab Investment Management Inc. lifted its stake in Resources Connection by 30.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 482,919 shares of the company's stock worth $3,158,000 after purchasing an additional 113,114 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Resources Connection by 9.1% in the 1st quarter. Royce & Associates LP now owns 2,063,619 shares of the company's stock worth $13,496,000 after buying an additional 172,158 shares during the last quarter. AE Wealth Management LLC bought a new stake in shares of Resources Connection in the 1st quarter worth about $187,000. Finally, CWM LLC increased its holdings in shares of Resources Connection by 38.0% in the 1st quarter. CWM LLC now owns 15,243 shares of the company's stock worth $100,000 after buying an additional 4,199 shares during the last quarter. Hedge funds and other institutional investors own 93.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Resources Connection Price Performance

Shares of Resources Connection stock traded up $0.30 during trading hours on Friday, reaching $4.98. The company's stock had a trading volume of 209,486 shares, compared to its average volume of 309,695. The firm has a 50 day moving average price of $5.22 and a 200-day moving average price of $5.84. Resources Connection, Inc. has a one year low of $4.44 and a one year high of $10.45. The stock has a market cap of $166.03 million, a P/E ratio of -0.86, a P/E/G ratio of 2.77 and a beta of 0.66.

Resources Connection Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, August 29th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 5.6%. The ex-dividend date is Friday, August 29th. Resources Connection's dividend payout ratio is presently -4.81%.

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.