Invenomic Capital Management LP Boosts Stock Position in Resources Connection, Inc. (NASDAQ:RGP)

Invenomic Capital Management LP lifted its stake in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 8.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 604,617 shares of the company's stock after purchasing an additional 48,880 shares during the quarter. Invenomic Capital Management LP owned about 1.83% of Resources Connection worth $5,157,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RGP. Nisa Investment Advisors LLC lifted its stake in Resources Connection by 2,171.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,134 shares of the company's stock valued at $44,000 after buying an additional 4,908 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Resources Connection by 17.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock worth $105,000 after purchasing an additional 1,863 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Resources Connection during the 4th quarter worth about $148,000. Sanctuary Advisors LLC increased its position in Resources Connection by 45.6% during the 4th quarter. Sanctuary Advisors LLC now owns 17,329 shares of the company's stock worth $148,000 after purchasing an additional 5,430 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in Resources Connection by 32.0% during the 4th quarter. Wells Fargo & Company MN now owns 19,784 shares of the company's stock worth $169,000 after purchasing an additional 4,796 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company's stock.

Insider Buying and Selling at Resources Connection

In other news, Director Roger D. Carlile acquired 25,000 shares of Resources Connection stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of $5.06 per share, with a total value of $126,500.00. Following the purchase, the director now directly owns 50,000 shares of the company's stock, valued at approximately $253,000. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Bhadreskumar Patel acquired 9,900 shares of the firm's stock in a transaction on Monday, April 7th. The shares were acquired at an average price of $5.05 per share, with a total value of $49,995.00. Following the completion of the purchase, 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. Insiders acquired 54,900 shares of company stock worth $279,295 in the last 90 days. 3.39% of the stock is owned by company insiders.

Resources Connection Trading Down 0.9%

RGP traded down $0.05 during midday trading on Thursday, hitting $5.39. The company's stock had a trading volume of 145,192 shares, compared to its average volume of 404,150. The firm has a market cap of $178.24 million, a P/E ratio of -2.90 and a beta of 0.68. The firm has a 50-day moving average price of $5.94 and a two-hundred day moving average price of $7.47. Resources Connection, Inc. has a 52-week low of $4.81 and a 52-week high of $12.19.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their price objective on Resources Connection from $9.50 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, April 3rd.

Resources Connection 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.