Aigen Investment Management LP Grows Stake in Resources Connection, Inc. (NASDAQ:RGP)

Aigen Investment Management LP lifted its stake in shares of Resources Connection, Inc. (NASDAQ:RGP) by 99.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 37,730 shares of the company’s stock after buying an additional 18,774 shares during the quarter. Aigen Investment Management LP’s holdings in Resources Connection were worth $366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of RGP. Vanguard Group Inc. increased its position in Resources Connection by 1.3% in the first quarter. Vanguard Group Inc. now owns 2,419,297 shares of the company’s stock worth $31,838,000 after buying an additional 30,393 shares during the last quarter. AQR Capital Management LLC increased its holdings in Resources Connection by 18.8% in the 2nd quarter. AQR Capital Management LLC now owns 836,558 shares of the company’s stock worth $9,236,000 after acquiring an additional 132,586 shares during the last quarter. Horrell Capital Management Inc. raised its stake in Resources Connection by 16.4% in the 3rd quarter. Horrell Capital Management Inc. now owns 815,000 shares of the company’s stock valued at $7,906,000 after acquiring an additional 115,000 shares during the period. Millennium Management LLC lifted its holdings in Resources Connection by 438.5% during the second quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock valued at $5,937,000 after purchasing an additional 437,878 shares during the last quarter. Finally, Tieton Capital Management LLC bought a new position in Resources Connection during the second quarter worth about $4,452,000. Institutional investors own 93.23% of the company’s stock.

Resources Connection Trading Down 1.7 %

Shares of NASDAQ:RGP opened at $8.60 on Friday. The company has a 50 day moving average of $8.91 and a 200 day moving average of $10.14. The stock has a market cap of $287.84 million, a P/E ratio of 24.31, a P/E/G ratio of 3.61 and a beta of 0.67. Resources Connection, Inc. has a 12 month low of $7.90 and a 12 month high of $14.63.

Resources Connection (NASDAQ:RGP) last released its quarterly 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). Resources Connection had a net margin of 2.04% and a return on equity of 3.69%. The firm had revenue of $136.94 million for the quarter, compared to analysts’ expectations of $137.82 million. During the same quarter last year, the firm earned $0.14 earnings per share. The firm’s revenue for the quarter was down 19.5% on a year-over-year basis. On average, equities analysts forecast that Resources Connection, Inc. will post 0.16 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be issued a $0.14 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.56 annualized dividend and a dividend yield of 6.51%. Resources Connection’s payout ratio is currently 155.56%.

Analyst Ratings Changes

A number of brokerages recently commented on RGP. JPMorgan Chase & Co. dropped their price target on shares of Resources Connection from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 23rd. StockNews.com cut Resources Connection from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th.

About Resources Connection

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.