Resources Connection (NASDAQ:RGP) CEO Acquires 23,015 Shares

Key Points

• CEO Kate Duchene acquired 23,015 shares of Resources Connection, increasing her ownership to 590,234 shares, valued at approximately $2.57 million after the purchase at an average price of $4.36 per share.
• The company declared a quarterly dividend of $0.07 per share, reflecting an annualized dividend of $0.28, which provides a dividend yield of 6.4%.
• Stock analysts offer mixed evaluations of Resources Connection, with a consensus rating of "Hold" and an average price target of $6.00, while some brokerages have issued conflicting ratings ranging from "buy" to "sell."

Resources Connection, Inc. (NASDAQ:RGP - Get Free Report) CEO Kate Duchene acquired 23,015 shares of Resources Connection stock in a transaction that occurred on Wednesday, October 15th. The stock was bought at an average price of $4.36 per share, for a total transaction of $100,345.40. Following the completion of the acquisition, the chief executive officer owned 590,234 shares in the company, valued at $2,573,420.24. This trade represents a 4.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Resources Connection Trading Up 3.5%

Resources Connection stock traded up $0.15 during trading on Wednesday, hitting $4.40. The company had a trading volume of 1,042,670 shares, compared to its average volume of 305,114. Resources Connection, Inc. has a 1-year low of $4.23 and a 1-year high of $9.96. The company's 50 day simple moving average is $4.93 and its 200-day simple moving average is $5.26. The stock has a market cap of $146.92 million, a price-to-earnings ratio of -0.77, a price-to-earnings-growth ratio of 9.56 and a beta of 0.62.

Resources Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, August 29th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend was Friday, August 29th. Resources Connection's dividend payout ratio is currently -4.90%.

Analysts Set New Price Targets

Several brokerages recently weighed in on RGP. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Resources Connection in a report on Wednesday, October 8th. Noble Financial reaffirmed an "outperform" rating on shares of Resources Connection in a report on Monday. Northcoast Research started coverage on Resources Connection in a report on Wednesday, September 24th. They set a "buy" rating and a $7.00 price target for the company. Finally, Wall Street Zen upgraded shares of Resources Connection from a "strong sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Resources Connection has a consensus rating of "Hold" and an average price target of $6.00.

Hedge Funds Weigh In On Resources Connection

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in shares of Resources Connection during the 1st quarter valued at approximately $1,431,000. Invenomic Capital Management LP boosted its stake in Resources Connection by 30.5% during the 1st quarter. Invenomic Capital Management LP now owns 788,952 shares of the company's stock valued at $5,160,000 after acquiring an additional 184,335 shares during the last quarter. Royce & Associates LP increased its position 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 purchasing an additional 172,158 shares during the last quarter. Trexquant Investment LP raised its stake in shares of Resources Connection by 189.6% in the 1st quarter. Trexquant Investment LP now owns 213,494 shares of the company's stock valued at $1,396,000 after purchasing an additional 139,761 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Resources Connection by 13.6% during the first quarter. Russell Investments Group Ltd. now owns 946,400 shares of the company's stock worth $6,189,000 after purchasing an additional 113,614 shares during the last quarter. 93.23% of the stock is owned by hedge funds and other institutional investors.

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.

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