JPMorgan Chase & Co. Acquires 173,333 Shares of Resources Connection, Inc. (NASDAQ:RGP)

JPMorgan Chase & Co. grew its stake in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 196.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 261,688 shares of the company's stock after purchasing an additional 173,333 shares during the quarter. JPMorgan Chase & Co. owned about 0.79% of Resources Connection worth $2,232,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in shares of Resources Connection by 2,171.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,134 shares of the company's stock worth $44,000 after acquiring an additional 4,908 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Resources Connection in the 3rd quarter worth about $115,000. SG Americas Securities LLC purchased a new stake in Resources Connection during the 4th quarter valued at about $148,000. Atria Investments Inc grew its position in Resources Connection by 20.6% during the 4th quarter. Atria Investments Inc now owns 21,379 shares of the company's stock valued at $182,000 after purchasing an additional 3,656 shares during the last quarter. Finally, Ieq Capital LLC purchased a new stake in Resources Connection during the 4th quarter valued at about $241,000. 93.23% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Roger D. Carlile bought 25,000 shares of the business's stock in a transaction on Friday, April 4th. The stock was acquired at an average price of $5.06 per share, with a total value of $126,500.00. Following the transaction, the director now owns 50,000 shares in the company, valued at approximately $253,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David P. White sold 5,204 shares of Resources Connection stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $5.26, for a total transaction of $27,373.04. Following the completion of the sale, the director now directly owns 24,331 shares of the company's stock, valued at approximately $127,981.06. This trade represents a 17.62 % decrease in their position. The disclosure for this sale can be found here. Insiders purchased 54,900 shares of company stock valued at $279,295 over the last three months. Insiders own 3.39% of the company's stock.

Resources Connection Price Performance

RGP stock traded up $0.20 during trading on Tuesday, hitting $5.81. 287,445 shares of the stock traded hands, compared to its average volume of 407,759. Resources Connection, Inc. has a 1 year low of $4.81 and a 1 year high of $12.19. The firm's 50 day moving average is $6.30 and its two-hundred day moving average is $7.68. The stock has a market cap of $192.13 million, a price-to-earnings ratio of -3.12 and a beta of 0.60.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. cut their price objective on shares of Resources Connection from $9.50 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, April 3rd.

Resources Connection Company 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.