Sei Investments Co. Increases Stock Position in Resources Connection, Inc. $RGP

Key Points

• Sei Investments more than doubled its RGP holdings by purchasing 700,943 additional shares, bringing its position to 1.33 million shares valued at approximately $4.96 million, or 3.87% of the company.
• Institutional investors own 93.23% of Resources Connection, with Vanguard, Brandes Investment Partners, Charles Schwab Investment Management, and Circumference Group among the other major holders.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average $7 price target. RGP recently reported a quarterly loss of $0.07 per share, slightly better than estimates, on revenue of $106.11 million.

Sei Investments Co. increased its holdings in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 111.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,329,568 shares of the company's stock after purchasing an additional 700,943 shares during the period. Sei Investments Co. owned 3.87% of Resources Connection worth $4,959,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of RGP. Vanguard Group Inc. raised its holdings in Resources Connection by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,011,147 shares of the company's stock worth $10,156,000 after buying an additional 97,228 shares during the period. Brandes Investment Partners LP raised its holdings in shares of Resources Connection by 3.1% during the fourth quarter. Brandes Investment Partners LP now owns 1,442,645 shares of the company's stock worth $7,271,000 after acquiring an additional 43,369 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Resources Connection by 37.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,407,032 shares of the company's stock worth $7,091,000 after purchasing an additional 380,769 shares during the last quarter. Circumference Group LLC increased its position in Resources Connection by 7.8% in the 4th quarter. Circumference Group LLC now owns 1,389,243 shares of the company's stock worth $7,002,000 after purchasing an additional 100,000 shares during the last quarter. Finally, First Manhattan CO. LLC. purchased a new stake in shares of Resources Connection during the 4th quarter worth about $3,785,000. Institutional investors own 93.23% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on RGP. Zacks Research raised shares of Resources Connection from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 9th. Weiss Ratings raised shares of Resources Connection from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Finally, Wall Street Zen downgraded shares of Resources Connection from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $7.00.

Resources Connection Stock Performance

NASDAQ RGP opened at $4.45 on Thursday. Resources Connection, Inc. has a twelve month low of $3.06 and a twelve month high of $5.55. The stock has a market cap of $153.26 million, a price-to-earnings ratio of -3.71 and a beta of 0.54. The firm's 50 day moving average price is $4.42 and its two-hundred day moving average price is $4.15.

Resources Connection (NASDAQ:RGP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. Resources Connection had a negative return on equity of 4.63% and a negative net margin of 8.98%.The company had revenue of $106.11 million during the quarter, compared to analyst estimates of $106.76 million. On average, research analysts forecast that Resources Connection, Inc. will post -0.44 EPS for the current fiscal year.

Resources Connection Company Profile

Resources Connection, Inc NASDAQ: RGP is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP's consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.

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