Prudential Financial Inc. Sells 266,200 Shares of Resources Connection, Inc. (NASDAQ:RGP)

Prudential Financial Inc. reduced its position in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 87.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,318 shares of the company's stock after selling 266,200 shares during the quarter. Prudential Financial Inc. owned approximately 0.11% of Resources Connection worth $318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Horrell Capital Management Inc. boosted its holdings in shares of Resources Connection by 30.1% in the fourth quarter. Horrell Capital Management Inc. now owns 1,060,000 shares of the company's stock worth $9,042,000 after acquiring an additional 245,000 shares during the period. Tieton Capital Management LLC boosted its position in shares of Resources Connection by 42.4% in the fourth quarter. Tieton Capital Management LLC now owns 823,108 shares of the company's stock valued at $7,021,000 after acquiring an additional 245,022 shares during the period. Geode Capital Management LLC increased its holdings in Resources Connection by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 784,529 shares of the company's stock worth $7,611,000 after acquiring an additional 23,943 shares during the period. Bank of New York Mellon Corp lifted its stake in Resources Connection by 5.9% in the 4th quarter. Bank of New York Mellon Corp now owns 455,344 shares of the company's stock worth $3,884,000 after purchasing an additional 25,236 shares in the last quarter. Finally, Brandes Investment Partners LP boosted its holdings in Resources Connection by 13.1% in the 4th quarter. Brandes Investment Partners LP now owns 397,095 shares of the company's stock valued at $3,387,000 after purchasing an additional 45,864 shares during the period. Institutional investors own 93.23% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. dropped their price objective on Resources Connection from $9.50 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, April 3rd.

Insider Activity

In other news, COO Bhadreskumar Patel purchased 9,900 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average cost of $5.05 per share, for a total transaction of $49,995.00. Following the acquisition, the chief operating officer now directly owns 131,099 shares of the company's stock, valued at $662,049.95. This represents a 8.17 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roger D. Carlile acquired 25,000 shares of the firm's stock in a transaction on Friday, April 4th. The stock was purchased at an average price of $5.06 per share, for a total transaction of $126,500.00. Following the transaction, the director now directly owns 50,000 shares of the company's stock, valued at approximately $253,000. This trade represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 54,900 shares of company stock valued at $279,295. Corporate insiders own 3.39% of the company's stock.

Resources Connection Stock Performance

RGP traded down $0.06 during trading on Wednesday, reaching $5.35. The stock had a trading volume of 19,115 shares, compared to its average volume of 407,110. The business has a 50-day moving average of $6.81 and a 200-day moving average of $7.89. Resources Connection, Inc. has a one year low of $4.81 and a one year high of $12.19. The stock has a market cap of $176.75 million, a PE ratio of -2.88 and a beta of 0.60.

Resources Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 14th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 10.48%. The ex-dividend date of this dividend was Friday, February 14th. Resources Connection's dividend payout ratio (DPR) is presently -17.07%.

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.