JPMorgan Chase & Co. Purchases 173,333 Shares of Resources Connection, Inc. (NASDAQ:RGP)

JPMorgan Chase & Co. boosted its holdings in Resources Connection, Inc. (NASDAQ:RGP) by 196.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,688 shares of the company’s stock after buying an additional 173,333 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.79% of Resources Connection worth $2,232,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its position in shares of Resources Connection by 2,171.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,134 shares of the company’s stock worth $44,000 after acquiring an additional 4,908 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Resources Connection during the 3rd quarter worth approximately $115,000. SG Americas Securities LLC acquired a new position in shares of Resources Connection in the 4th quarter worth approximately $148,000. Atria Investments Inc boosted its stake in shares of Resources Connection by 20.6% in the 4th quarter. Atria Investments Inc now owns 21,379 shares of the company’s stock valued at $182,000 after purchasing an additional 3,656 shares during the last quarter. Finally, Ieq Capital LLC bought a new position in Resources Connection during the fourth quarter worth $241,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Resources Connection

In other news, Director Roger D. Carlile bought 25,000 shares of the stock in a transaction dated Friday, April 4th. The shares were bought at an average cost of $5.06 per share, with a total value of $126,500.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $253,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David P. White sold 5,204 shares of Resources Connection stock in a transaction on Monday, April 21st. The shares were sold at an average price of $5.26, for a total transaction of $27,373.04. Following the completion of the sale, the director now directly owns 24,331 shares of the company’s stock, valued at approximately $127,981.06. The trade was a 17.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 54,900 shares of company stock worth $279,295 in the last quarter. Company insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. cut their price target on shares of Resources Connection from $9.50 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, April 3rd.

Resources Connection Stock Performance

Shares of RGP opened at $5.36 on Thursday. The firm has a market cap of $177.25 million, a PE ratio of -2.88 and a beta of 0.60. Resources Connection, Inc. has a 52-week low of $4.81 and a 52-week high of $12.19. The business’s 50 day moving average price is $6.48 and its two-hundred day moving average price is $7.75.

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.