Denali Advisors LLC Acquires New Shares in Resources Connection, Inc. (NASDAQ:RGP)

Denali Advisors LLC bought a new position in shares of Resources Connection, Inc. (NASDAQ:RGP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,300 shares of the company’s stock, valued at approximately $169,000.

Other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Resources Connection by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 564,530 shares of the company’s stock valued at $7,999,000 after acquiring an additional 29,253 shares during the last quarter. Jump Financial LLC bought a new stake in Resources Connection during the fourth quarter worth approximately $265,000. Dimensional Fund Advisors LP grew its holdings in Resources Connection by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,538,985 shares of the company’s stock valued at $35,978,000 after purchasing an additional 25,885 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of Resources Connection by 74.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 29,802 shares of the company’s stock valued at $422,000 after purchasing an additional 12,761 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Resources Connection in the fourth quarter worth $307,000. 93.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Roger D. Carlile bought 25,000 shares of Resources Connection stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average cost of $11.25 per share, with a total value of $281,250.00. Following the completion of the transaction, the director now directly owns 25,000 shares in the company, valued at $281,250. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Resources Connection news, Director Roger D. Carlile bought 25,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $11.25 per share, with a total value of $281,250.00. Following the completion of the purchase, the director now directly owns 25,000 shares in the company, valued at approximately $281,250. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total transaction of $131,062.50. Following the transaction, the chief financial officer now owns 84,481 shares of the company’s stock, valued at approximately $950,411.25. The disclosure for this sale can be found here. 7.36% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on RGP. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. Noble Financial initiated coverage on Resources Connection in a research note on Wednesday, May 29th. They issued an “outperform” rating and a $15.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their price objective on Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.00.

Resources Connection Price Performance

Shares of Resources Connection stock opened at $10.04 on Wednesday. The company has a market cap of $336.04 million, a PE ratio of 15.21, a price-to-earnings-growth ratio of 0.99 and a beta of 0.65. The firm has a fifty day moving average price of $10.46 and a two-hundred day moving average price of $11.21. Resources Connection, Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $15.44.

Resources Connection (NASDAQ:RGP) last released its earnings results on Thursday, July 18th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.18. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The business had revenue of $148.20 million during the quarter, compared to analysts’ expectations of $140.59 million. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue was down 19.7% on a year-over-year basis. Analysts expect that Resources Connection, Inc. will post 0.67 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 23rd will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend is Friday, August 23rd. Resources Connection’s payout ratio is presently 84.85%.

About Resources Connection

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.