Renaissance Technologies LLC Purchases 48,314 Shares of Resources Connection, Inc. (NASDAQ:RGP)

Renaissance Technologies LLC raised its position in Resources Connection, Inc. (NASDAQ:RGP) by 17.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 321,114 shares of the company’s stock after acquiring an additional 48,314 shares during the period. Renaissance Technologies LLC owned approximately 0.95% of Resources Connection worth $3,545,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Resources Connection by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 2,419,297 shares of the company’s stock worth $31,838,000 after purchasing an additional 30,393 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Resources Connection by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 564,530 shares of the company’s stock worth $7,999,000 after acquiring an additional 29,253 shares during the period. Circumference Group LLC acquired a new position in shares of Resources Connection in the fourth quarter valued at about $6,376,000. Jacobs Levy Equity Management Inc. raised its stake in shares of Resources Connection by 53.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 394,820 shares of the company’s stock worth $5,196,000 after purchasing an additional 137,604 shares during the last quarter. Finally, Invenomic Capital Management LP purchased a new stake in Resources Connection in the first quarter valued at approximately $3,855,000. 93.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Resources Connection

In related news, Director Roger D. Carlile acquired 25,000 shares of Resources Connection stock in a transaction on Monday, July 22nd. The stock was bought at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the completion of the transaction, the director now owns 25,000 shares of the company’s stock, valued at approximately $281,250. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Jennifer Y. Ryu sold 11,650 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total value of $131,062.50. Following the completion of the transaction, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at approximately $950,411.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Roger D. Carlile acquired 25,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was purchased at an average price of $11.25 per share, for a total transaction of $281,250.00. Following the acquisition, the director now directly owns 25,000 shares in the company, valued at approximately $281,250. The disclosure for this purchase can be found here. 7.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RGP has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price objective 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 lowered Resources Connection from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.00.

Resources Connection Stock Performance

RGP stock opened at $9.46 on Monday. Resources Connection, Inc. has a one year low of $9.26 and a one year high of $15.44. The firm’s fifty day moving average is $10.32 and its 200 day moving average is $10.98. The firm has a market cap of $319.81 million, a PE ratio of 14.33, a P/E/G ratio of 1.42 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last posted its earnings results on Thursday, July 18th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.18. The firm had revenue of $148.20 million for the quarter, compared to analysts’ expectations of $140.59 million. Resources Connection had a return on equity of 6.19% and a net margin of 3.32%. The company’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. Research analysts predict that Resources Connection, Inc. will post 0.45 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 23rd were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 5.92%. Resources Connection’s dividend payout ratio (DPR) is 84.85%.

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.