Victory Capital Management Inc. Grows Stock Holdings in Resources Connection, Inc. (NASDAQ:RGP)

Victory Capital Management Inc. grew its position in shares of Resources Connection, Inc. (NASDAQ:RGP) by 13.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,623 shares of the company’s stock after purchasing an additional 1,649 shares during the period. Victory Capital Management Inc.’s holdings in Resources Connection were worth $150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in shares of Resources Connection by 66.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock valued at $28,000 after buying an additional 1,019 shares in the last quarter. Quarry LP purchased a new position in shares of Resources Connection during the fourth quarter worth approximately $39,000. CWM LLC lifted its holdings in shares of Resources Connection by 883.5% in the 2nd quarter. CWM LLC now owns 3,393 shares of the company’s stock worth $37,000 after acquiring an additional 3,048 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Resources Connection in the 2nd quarter worth approximately $44,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Resources Connection by 972.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,504 shares of the company’s stock valued at $112,000 after purchasing an additional 7,711 shares in the last quarter. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Resources Connection

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

Resources Connection Price Performance

NASDAQ RGP opened at $9.46 on Wednesday. The stock has a market capitalization of $319.81 million, a PE ratio of 14.70, a PEG ratio of 1.49 and a beta of 0.65. Resources Connection, Inc. has a 1 year low of $9.44 and a 1 year high of $15.44. The business’s 50-day moving average is $10.44 and its 200 day moving average is $11.10.

Resources Connection (NASDAQ:RGP) last announced its earnings results on Thursday, July 18th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.18. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The firm had revenue of $148.20 million for the quarter, compared to analyst estimates of $140.59 million. During the same quarter in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter was down 19.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Resources Connection, Inc. will post 0.45 earnings per share for the current year.

Resources Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 23rd were paid a $0.14 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.56 annualized dividend and a dividend yield of 5.92%. Resources Connection’s payout ratio is 84.85%.

Analysts Set New Price Targets

Several research firms have weighed in on RGP. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research note 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 target price for the company. Finally, JPMorgan Chase & Co. dropped their target price on Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $13.00.

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.