Principal Financial Group Inc. increased its stake in Resources Connection, Inc. (NASDAQ:RECN) by 4.2% during the first quarter, Holdings Channel reports. The fund owned 234,404 shares of the business services provider’s stock after buying an additional 9,417 shares during the period. Principal Financial Group Inc.’s holdings in Resources Connection were worth $3,926,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in Resources Connection during the first quarter valued at approximately $116,000. Mason Street Advisors LLC raised its position in Resources Connection by 7.7% in the first quarter. Mason Street Advisors LLC now owns 6,950 shares of the business services provider’s stock valued at $116,000 after buying an additional 499 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Resources Connection by 1.2% in the first quarter. BNP Paribas Arbitrage SA now owns 8,542 shares of the business services provider’s stock valued at $143,000 after buying an additional 104 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Resources Connection by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 12,100 shares of the business services provider’s stock valued at $203,000 after buying an additional 200 shares during the last quarter. Finally, Arizona State Retirement System raised its position in Resources Connection by 2.0% in the first quarter. Arizona State Retirement System now owns 15,495 shares of the business services provider’s stock valued at $260,000 after buying an additional 300 shares during the last quarter. 85.01% of the stock is owned by hedge funds and other institutional investors.

Resources Connection, Inc. (RECN) opened at 14.25 on Wednesday. Resources Connection, Inc. has a 52-week low of $12.41 and a 52-week high of $19.80. The stock has a 50 day moving average price of $13.46 and a 200 day moving average price of $15.12. The company has a market capitalization of $422.56 million, a price-to-earnings ratio of 22.06 and a beta of 1.21.

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Several research firms have recently commented on RECN. Zacks Investment Research raised Resources Connection from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 7th. TheStreet lowered Resources Connection from a “b-” rating to a “c+” rating in a research report on Friday, May 26th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $15.50.

About Resources Connection

Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). The Company provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance (GRC) management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management, and legal and regulatory.

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Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

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