Assenagon Asset Management S.A. Buys New Stake in Resources Connection, Inc. $RGP

Assenagon Asset Management S.A. purchased a new position in shares of Resources Connection, Inc. (NASDAQ:RGP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 226,268 shares of the company’s stock, valued at approximately $1,140,000. Assenagon Asset Management S.A. owned 0.68% of Resources Connection at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RGP. AQR Capital Management LLC lifted its stake in shares of Resources Connection by 13.0% during the first quarter. AQR Capital Management LLC now owns 714,138 shares of the company’s stock worth $4,670,000 after purchasing an additional 82,099 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Resources Connection by 30.7% in the first quarter. Goldman Sachs Group Inc. now owns 262,248 shares of the company’s stock valued at $1,715,000 after buying an additional 61,580 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Resources Connection by 7.3% during the 1st quarter. Empowered Funds LLC now owns 178,769 shares of the company’s stock valued at $1,169,000 after buying an additional 12,231 shares during the period. Strs Ohio purchased a new stake in shares of Resources Connection during the 1st quarter valued at about $48,000. Finally, PNC Financial Services Group Inc. grew its position in Resources Connection by 398.6% in the second quarter. PNC Financial Services Group Inc. now owns 11,602 shares of the company’s stock valued at $62,000 after acquiring an additional 9,275 shares in the last quarter. 93.23% of the stock is owned by hedge funds and other institutional investors.

Resources Connection Stock Performance

Shares of NASDAQ:RGP opened at $3.73 on Wednesday. The stock has a market capitalization of $124.96 million, a price-to-earnings ratio of -0.93 and a beta of 0.49. The company’s fifty day moving average is $3.92 and its two-hundred day moving average is $4.51. Resources Connection, Inc. has a 1-year low of $3.42 and a 1-year high of $6.72.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings results on Wednesday, January 7th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.08. The business had revenue of $117.73 million for the quarter, compared to analysts’ expectations of $119.97 million. Resources Connection had a positive return on equity of 0.62% and a negative net margin of 26.13%.

Resources Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, February 20th were given a $0.07 dividend. The ex-dividend date was Friday, February 20th. This represents a $0.28 annualized dividend and a yield of 7.5%. Resources Connection’s dividend payout ratio is -6.97%.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.00.

Resources Connection Profile

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.