JPMorgan Chase & Co. Has Lowered Expectations for Resources Connection (NASDAQ:RGP) Stock Price

Resources Connection (NASDAQ:RGP) had its price objective cut by JPMorgan Chase & Co. from $9.50 to $5.00 in a research note published on Thursday,Benzinga reports. They currently have an underweight rating on the stock.

Resources Connection Price Performance

RGP opened at $5.20 on Thursday. The company has a market capitalization of $172.07 million, a P/E ratio of -2.80 and a beta of 0.60. The firm’s fifty day moving average price is $7.36 and its two-hundred day moving average price is $8.15. Resources Connection has a fifty-two week low of $4.81 and a fifty-two week high of $12.19.

Resources Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 14th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 10.77%. The ex-dividend date of this dividend was Friday, February 14th. Resources Connection’s dividend payout ratio (DPR) is presently -17.07%.

Insider Buying and Selling 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 acquired at an average price of $5.06 per share, with a total value of $126,500.00. Following the acquisition, the director now owns 50,000 shares in the company, valued at $253,000. This trade represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kate W. Duchene bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $5.14 per share, with a total value of $102,800.00. Following the transaction, the chief executive officer now directly owns 571,451 shares in the company, valued at $2,937,258.14. This represents a 3.63 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.39% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RGP. Atria Investments Inc increased its holdings in Resources Connection by 20.6% during 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 in the last quarter. Rhumbline Advisers grew its holdings in shares of Resources Connection by 2.8% during the fourth quarter. Rhumbline Advisers now owns 51,444 shares of the company’s stock worth $439,000 after purchasing an additional 1,387 shares during the last quarter. Sanctuary Advisors LLC increased its stake in shares of Resources Connection by 45.6% in the fourth quarter. Sanctuary Advisors LLC now owns 17,329 shares of the company’s stock valued at $148,000 after buying an additional 5,430 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Resources Connection by 263.6% in the third quarter. BNP Paribas Financial Markets now owns 117,903 shares of the company’s stock valued at $1,144,000 after buying an additional 85,472 shares during the last quarter. Finally, Barclays PLC lifted its position in Resources Connection by 194.4% during the 3rd quarter. Barclays PLC now owns 48,280 shares of the company’s stock worth $468,000 after buying an additional 31,879 shares in the last quarter. Institutional investors own 93.23% of the company’s stock.

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.