Resources Connection, Inc. (NASDAQ:RGP) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC boosted its position in Resources Connection, Inc. (NASDAQ:RGP) by 5.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,430 shares of the company’s stock after acquiring an additional 8,040 shares during the quarter. Empowered Funds LLC owned 0.47% of Resources Connection worth $1,537,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in RGP. Millennium Management LLC raised its position in shares of Resources Connection by 438.5% during the 2nd quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock worth $5,937,000 after acquiring an additional 437,878 shares in the last quarter. Tieton Capital Management LLC purchased a new stake in shares of Resources Connection during the 2nd quarter worth approximately $4,452,000. Invenomic Capital Management LP acquired a new position in shares of Resources Connection in the 1st quarter valued at $3,855,000. Brandes Investment Partners LP purchased a new position in shares of Resources Connection in the 2nd quarter valued at $2,590,000. Finally, Deprince Race & Zollo Inc. acquired a new stake in Resources Connection during the 2nd quarter worth $2,522,000. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Resources Connection from a “buy” rating to a “hold” rating in a report on Saturday, July 27th.

Resources Connection Price Performance

Shares of Resources Connection stock opened at $8.40 on Friday. The firm’s fifty day simple moving average is $8.74 and its 200-day simple moving average is $10.03. Resources Connection, Inc. has a 12 month low of $7.90 and a 12 month high of $14.63. The stock has a market capitalization of $281.15 million, a price-to-earnings ratio of 23.33, a PEG ratio of 3.34 and a beta of 0.67.

Resources Connection (NASDAQ:RGP) last announced its earnings results on Tuesday, October 1st. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.21). The business had revenue of $136.94 million during the quarter, compared to analysts’ expectations of $137.82 million. Resources Connection had a net margin of 2.04% and a return on equity of 3.69%. Resources Connection’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. Analysts anticipate that Resources Connection, Inc. will post 0.16 earnings per share for the current year.

Resources Connection Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date of this dividend is Friday, November 15th. Resources Connection’s payout ratio is currently 155.56%.

Resources Connection 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.