Point72 DIFC Ltd Acquires Shares of 5,339 Resources Connection, Inc. (NASDAQ:RGP)

Point72 DIFC Ltd bought a new position in shares of Resources Connection, Inc. (NASDAQ:RGP) during the second quarter, HoldingsChannel reports. The institutional investor bought 5,339 shares of the company’s stock, valued at approximately $59,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings 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 period. AQR Capital Management LLC lifted its holdings in shares of Resources Connection by 18.8% in the 2nd quarter. AQR Capital Management LLC now owns 836,558 shares of the company’s stock worth $9,236,000 after buying an additional 132,586 shares during the period. Millennium Management LLC grew its position in shares of Resources Connection by 438.5% during the 2nd quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock worth $5,937,000 after buying an additional 437,878 shares in the last quarter. Circumference Group LLC purchased a new position in shares of Resources Connection during the fourth quarter valued at $6,376,000. Finally, Tieton Capital Management LLC bought a new stake in shares of Resources Connection in the second quarter valued at about $4,452,000. Institutional investors own 93.23% of the company’s stock.

Resources Connection Price Performance

Shares of NASDAQ RGP opened at $8.35 on Thursday. Resources Connection, Inc. has a 1-year low of $8.31 and a 1-year high of $14.77. The business has a fifty day moving average price of $10.19 and a 200 day moving average price of $10.91. The stock has a market capitalization of $282.29 million, a P/E ratio of 12.65, a price-to-earnings-growth ratio of 1.42 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last released its quarterly earnings results on Tuesday, October 1st. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.21). The firm had revenue of $136.94 million for the quarter, compared to analysts’ expectations of $137.82 million. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The business’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. As a group, equities research analysts anticipate that Resources Connection, Inc. will post 0.45 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 23rd were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 6.71%. The ex-dividend date was Friday, August 23rd. Resources Connection’s dividend payout ratio is currently 84.85%.

Insider Transactions at Resources Connection

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

Analysts Set New Price Targets

RGP has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their target price on shares of Resources Connection from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, July 23rd. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.00.

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.