Insider Buying: Resources Connection, Inc. (NASDAQ:RGP) COO Acquires 9,900 Shares of Stock

Resources Connection, Inc. (NASDAQ:RGP) COO Bhadreskumar Patel bought 9,900 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average price of $5.05 per share, for a total transaction of $49,995.00. Following the completion of the acquisition, the chief operating officer now directly owns 131,099 shares in the company, valued at approximately $662,049.95. The trade was a 8.17 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Resources Connection Stock Down 0.6 %

RGP stock traded down $0.03 during midday trading on Tuesday, hitting $5.10. 641,998 shares of the company traded hands, compared to its average volume of 407,040. The stock has a market capitalization of $168.76 million, a price-to-earnings ratio of -2.74 and a beta of 0.60. Resources Connection, Inc. has a twelve month low of $4.81 and a twelve month high of $12.19. The business has a 50 day simple moving average of $7.29 and a 200-day simple moving average of $8.10.

Resources Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 14th were issued a $0.14 dividend. The ex-dividend date was Friday, February 14th. This represents a $0.56 annualized dividend and a yield of 10.98%. Resources Connection’s dividend payout ratio (DPR) is -17.07%.

Analysts Set New Price Targets

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

Institutional Trading of Resources Connection

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Resources Connection by 3,712.9% during the 1st quarter. GAMMA Investing LLC now owns 4,728 shares of the company’s stock worth $31,000 after acquiring an additional 4,604 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Resources Connection by 2,171.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,134 shares of the company’s stock valued at $44,000 after purchasing an additional 4,908 shares during the last quarter. Point72 DIFC Ltd raised its position in shares of Resources Connection by 32.5% in the 3rd quarter. Point72 DIFC Ltd now owns 7,074 shares of the company’s stock valued at $69,000 after acquiring an additional 1,735 shares during the period. Price T Rowe Associates Inc. MD grew 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 buying an additional 1,863 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of Resources Connection in the third quarter worth about $115,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

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.