Invenomic Capital Management LP Acquires Shares of 292,948 Resources Connection, Inc. (NASDAQ:RGP)

Invenomic Capital Management LP acquired a new stake in shares of Resources Connection, Inc. (NASDAQ:RGP) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 292,948 shares of the company’s stock, valued at approximately $3,855,000. Invenomic Capital Management LP owned approximately 0.87% of Resources Connection at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in RGP. Quarry LP acquired a new stake in Resources Connection during the fourth quarter valued at approximately $39,000. Gladius Capital Management LP acquired a new position in shares of Resources Connection in the 4th quarter worth approximately $65,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Resources Connection by 972.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,504 shares of the company’s stock worth $112,000 after acquiring an additional 7,711 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Resources Connection in the 1st quarter worth approximately $119,000. Finally, DGS Capital Management LLC acquired a new position in shares of Resources Connection in the 4th quarter worth approximately $149,000. 93.23% of the stock is owned by institutional investors and hedge funds.

Resources Connection Price Performance

Shares of Resources Connection stock traded up $0.08 on Wednesday, hitting $12.02. 106,924 shares of the company’s stock traded hands, compared to its average volume of 492,641. The firm’s 50-day moving average price is $10.87 and its two-hundred day moving average price is $11.99. The stock has a market capitalization of $403.39 million, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.67. Resources Connection, Inc. has a one year low of $9.70 and a one year high of $16.35.

Resources Connection (NASDAQ:RGP) last issued its earnings results on Thursday, July 18th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.10 by $0.18. The company had revenue of $148.20 million during the quarter, compared to analysts’ expectations of $140.59 million. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, analysts forecast that Resources Connection, Inc. will post 0.67 earnings per share for the current fiscal year.

Resources Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Friday, August 23rd. Resources Connection’s payout ratio is 84.85%.

Insider Buying and Selling at Resources Connection

In other news, Director Roger D. Carlile acquired 25,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average price of $11.25 per share, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 25,000 shares in the company, valued at $281,250. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Roger D. Carlile acquired 25,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average price of $11.25 per share, for a total transaction of $281,250.00. Following the transaction, the director now directly owns 25,000 shares in the company, valued at $281,250. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total transaction of $131,062.50. Following the completion of the sale, the chief financial officer now owns 84,481 shares of the company’s stock, valued at approximately $950,411.25. The disclosure for this sale can be found here. Corporate insiders own 7.36% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com downgraded Resources Connection from a “buy” rating to a “hold” rating in a report on Saturday. Robert W. Baird reduced their target price on Resources Connection from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, April 4th. Noble Financial assumed coverage on Resources Connection in a report on Wednesday, May 29th. They set an “outperform” rating and a $15.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on Resources Connection from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $13.00.

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.