Invenomic Capital Management LP Increases Stake in Resources Connection, Inc. (NASDAQ:RGP)

Invenomic Capital Management LP lifted its stake in shares of Resources Connection, Inc. (NASDAQ:RGP) by 8.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 604,617 shares of the company’s stock after buying an additional 48,880 shares during the quarter. Invenomic Capital Management LP’s holdings in Resources Connection were worth $5,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atria Investments Inc boosted its stake in Resources Connection by 20.6% during the fourth quarter. Atria Investments Inc now owns 21,379 shares of the company’s stock worth $182,000 after acquiring an additional 3,656 shares in the last quarter. Rhumbline Advisers boosted its stake in 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 acquiring an additional 1,387 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in Resources Connection by 45.6% during the fourth quarter. Sanctuary Advisors LLC now owns 17,329 shares of the company’s stock worth $148,000 after acquiring an additional 5,430 shares in the last quarter. Barclays PLC boosted its stake in Resources Connection by 194.4% during the third quarter. Barclays PLC now owns 48,280 shares of the company’s stock worth $468,000 after acquiring an additional 31,879 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in Resources Connection by 6.2% during the fourth quarter. LPL Financial LLC now owns 48,762 shares of the company’s stock worth $416,000 after acquiring an additional 2,837 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. dropped their target price on shares of Resources Connection from $9.50 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, April 3rd.

Insider Transactions at Resources Connection

In related news, Director David P. White sold 5,204 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $5.26, for a total transaction of $27,373.04. Following the transaction, the director now owns 24,331 shares in the company, valued at $127,981.06. This represents a 17.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Bhadreskumar Patel acquired 9,900 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were bought at an average price of $5.05 per share, for a total transaction of $49,995.00. Following the transaction, the chief operating officer now owns 131,099 shares of the company’s stock, valued at $662,049.95. This trade represents a 8.17% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 54,900 shares of company stock worth $279,295. Corporate insiders own 3.39% of the company’s stock.

Resources Connection Stock Performance

Shares of NASDAQ RGP opened at $5.45 on Monday. The firm’s 50 day moving average price is $6.03 and its 200-day moving average price is $7.52. The company has a market cap of $180.23 million, a PE ratio of -2.93 and a beta of 0.68. Resources Connection, Inc. has a 52-week low of $4.81 and a 52-week high of $12.19.

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.