Resources Connection (NASDAQ:RGP - Free Report) had its price target trimmed by JPMorgan Chase & Co. from $9.50 to $5.00 in a research note published on Thursday,Benzinga reports. The firm currently has an underweight rating on the stock.
Resources Connection Stock Performance
Shares of RGP stock traded up $0.01 on Thursday, reaching $5.14. 260,637 shares of the company were exchanged, compared to its average volume of 405,593. Resources Connection has a 1 year low of $4.81 and a 1 year high of $12.19. The business has a 50-day moving average price of $7.29 and a 200 day moving average price of $8.10. The company has a market cap of $170.09 million, a price-to-earnings ratio of -2.77 and a beta of 0.60.
Resources Connection Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 14th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 10.89%. The ex-dividend date of this dividend was Friday, February 14th. Resources Connection's dividend payout ratio is presently -17.07%.
Insider Buying and Selling
In other news, Director Roger D. Carlile acquired 25,000 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $5.06 per share, for a total transaction of $126,500.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kate W. Duchene purchased 20,000 shares of the company's stock in a transaction dated Friday, April 4th. The stock was purchased at an average cost of $5.14 per share, with a total value of $102,800.00. Following the purchase, the chief executive officer now owns 571,451 shares in the company, valued at approximately $2,937,258.14. This trade represents a 3.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.39% of the stock is owned by company insiders.
Institutional Trading of Resources Connection
Several institutional investors have recently made changes to their positions in RGP. Intech Investment Management LLC purchased a new position in shares of Resources Connection during the 3rd quarter worth $106,000. FMR LLC increased its position in shares of Resources Connection by 403.4% during the third quarter. FMR LLC now owns 17,408 shares of the company's stock valued at $169,000 after acquiring an additional 13,950 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Resources Connection by 263.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 117,903 shares of the company's stock worth $1,144,000 after acquiring an additional 85,472 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of Resources Connection during the 3rd quarter worth approximately $1,895,000. Finally, Verition Fund Management LLC raised its position in Resources Connection by 32.1% in the third quarter. Verition Fund Management LLC now owns 33,361 shares of the company's stock valued at $324,000 after purchasing an additional 8,113 shares during the period. Hedge funds and other institutional investors own 93.23% of the company's stock.
Resources Connection Company Profile
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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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