Insider Buying: Resources Connection (NASDAQ:RGP) CEO Acquires $100,345.40 in Stock

Resources Connection, Inc. (NASDAQ:RGP) CEO Kate Duchene purchased 23,015 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was acquired at an average cost of $4.36 per share, for a total transaction of $100,345.40. Following the completion of the transaction, the chief executive officer owned 590,234 shares in the company, valued at approximately $2,573,420.24. This trade represents a 4.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Resources Connection Stock Down 5.2%

Shares of NASDAQ RGP opened at $4.35 on Friday. The business’s 50 day moving average is $4.92 and its two-hundred day moving average is $5.22. The company has a market cap of $145.25 million, a P/E ratio of -0.76 and a beta of 0.62. Resources Connection, Inc. has a 12 month low of $4.23 and a 12 month high of $9.96.

Resources Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, August 29th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Friday, August 29th. Resources Connection’s payout ratio is currently -4.90%.

Hedge Funds Weigh In On Resources Connection

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Resources Connection by 3,712.9% during the first 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. Strs Ohio acquired a new position in shares of Resources Connection during the first quarter valued at $48,000. Nisa Investment Advisors LLC lifted its stake in shares of Resources Connection by 171.2% during the second quarter. Nisa Investment Advisors LLC now owns 8,466 shares of the company’s stock valued at $45,000 after acquiring an additional 5,344 shares during the period. R Squared Ltd acquired a new position in shares of Resources Connection during the second quarter valued at $57,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Resources Connection by 398.6% during the second quarter. PNC Financial Services Group Inc. now owns 11,602 shares of the company’s stock valued at $62,000 after acquiring an additional 9,275 shares during the period. Institutional investors and hedge funds own 93.23% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RGP shares. Weiss Ratings restated a “sell (d-)” rating on shares of Resources Connection in a research report on Wednesday, October 8th. Wall Street Zen lowered Resources Connection from a “hold” rating to a “sell” rating in a research note on Saturday. Northcoast Research started coverage on Resources Connection in a research note on Wednesday, September 24th. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Noble Financial reaffirmed an “outperform” rating on shares of Resources Connection in a research note on Monday. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.00.

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.