Assenagon Asset Management S.A. Has $1.30 Million Stock Holdings in Resources Connection, Inc. (NASDAQ:RGP)

Posted by Defense World Staff on Oct 16th, 2023

Assenagon Asset Management S.A. lowered its position in Resources Connection, Inc. (NASDAQ:RGP – Free Report) by 50.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,699 shares of the company’s stock after selling 85,553 shares during the period. Assenagon Asset Management S.A. owned about 0.25% of Resources Connection worth $1,299,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RGP. First Trust Advisors LP purchased a new stake in shares of Resources Connection in the first quarter valued at about $10,134,000. Pacer Advisors Inc. purchased a new stake in shares of Resources Connection in the second quarter valued at about $7,993,000. Norges Bank purchased a new stake in shares of Resources Connection in the fourth quarter valued at about $3,876,000. Royce & Associates LP increased its holdings in Resources Connection by 8.8% during the first quarter. Royce & Associates LP now owns 1,992,722 shares of the company’s stock worth $33,996,000 after buying an additional 160,564 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Resources Connection by 153.6% during the second quarter. JPMorgan Chase & Co. now owns 215,844 shares of the company’s stock worth $4,397,000 after buying an additional 130,737 shares during the last quarter. Hedge funds and other institutional investors own 83.96% of the company’s stock.

Resources Connection Stock Down 1.4 %

Shares of NASDAQ:RGP opened at $13.90 on Monday. The firm has a market capitalization of $468.40 million, a PE ratio of 11.98 and a beta of 0.71. Resources Connection, Inc. has a twelve month low of $13.00 and a twelve month high of $19.83. The company has a 50-day moving average price of $15.19 and a two-hundred day moving average price of $15.55.

Resources Connection (NASDAQ:RGP – Get Free Report) last issued its earnings results on Wednesday, October 4th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. The firm had revenue of $170.17 million during the quarter, compared to analyst estimates of $170.14 million. Resources Connection had a net margin of 5.30% and a return on equity of 11.35%. The company’s quarterly revenue was down 16.6% on a year-over-year basis. During the same quarter last year, the business earned $0.53 earnings per share. Analysts anticipate that Resources Connection, Inc. will post 0.74 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 21st. Shareholders of record on Thursday, August 24th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $0.56 dividend on an annualized basis and a yield of 4.03%. Resources Connection’s dividend payout ratio is presently 48.28%.

Insider Activity

In other news, COO Timothy L. Brackney sold 10,055 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $16.20, for a total value of $162,891.00. Following the completion of the transaction, the chief operating officer now directly owns 148,514 shares in the company, valued at $2,405,926.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Robert W. Baird decreased their price objective on shares of Resources Connection from $18.00 to $15.00 in a report on Thursday, October 5th. JPMorgan Chase & Co. decreased their price objective on shares of Resources Connection from $16.00 to $14.00 and set an “underweight” rating for the company in a report on Thursday, October 5th. StockNews.com assumed coverage on shares of Resources Connection in a report on Thursday, October 5th. They set a “buy” rating for the company. Finally, TheStreet downgraded shares of Resources Connection from a “b” rating to a “c+” rating in a report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.50.

Check Out Our Latest Report on Resources Connection

About Resources Connection

(Free Report)

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.