Resources Connection, Inc. $RGP Shares Acquired by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP increased its stake in Resources Connection, Inc. by 30.5%, now holding approximately 2.39% of the company with around 788,952 shares.
• The company announced a quarterly dividend of $0.07 per share, representing a 5.6% yield, with the dividend payout ratio currently at -4.81%.
• Resources Connection's stock has seen a decline of 1.4%, with a current market price of $5.00 and analyst ratings averaging "Sell" with a target price of $5.00.

Invenomic Capital Management LP grew its stake in Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 30.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 788,952 shares of the company's stock after acquiring an additional 184,335 shares during the quarter. Invenomic Capital Management LP owned about 2.39% of Resources Connection worth $5,160,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Resources Connection by 3,712.9% in the 1st quarter. GAMMA Investing LLC now owns 4,728 shares of the company's stock valued at $31,000 after acquiring an additional 4,604 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Resources Connection by 17.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock valued at $105,000 after acquiring an additional 1,863 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Resources Connection in the 1st quarter valued at $82,000. Quantinno Capital Management LP purchased a new position in shares of Resources Connection in the 4th quarter valued at $116,000. Finally, Capital Investment Advisors LLC purchased a new position in shares of Resources Connection in the 1st quarter valued at $90,000. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Resources Connection Stock Up 2.1%

NASDAQ:RGP traded up $0.10 on Thursday, reaching $5.09. The company's stock had a trading volume of 85,483 shares, compared to its average volume of 284,420. Resources Connection, Inc. has a 12-month low of $4.44 and a 12-month high of $10.27. The firm has a market cap of $169.99 million, a price-to-earnings ratio of -0.87, a price-to-earnings-growth ratio of 2.81 and a beta of 0.63. The stock has a 50 day moving average price of $5.11 and a 200 day moving average price of $5.60.

Resources Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, August 29th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, August 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 5.5%. Resources Connection's payout ratio is -4.81%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Resources Connection from a "strong sell" rating to a "hold" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Resources Connection has an average rating of "Sell" and a consensus target price of $5.00.

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.