Millennium Management LLC Has $5.94 Million Holdings in Resources Connection, Inc. (NASDAQ:RGP)

Millennium Management LLC raised its holdings in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 438.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 537,743 shares of the company's stock after purchasing an additional 437,878 shares during the quarter. Millennium Management LLC owned 1.60% of Resources Connection worth $5,937,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in Resources Connection by 113.8% in the first quarter. Russell Investments Group Ltd. now owns 130,769 shares of the company's stock valued at $1,721,000 after buying an additional 69,594 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Resources Connection by 53.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 394,820 shares of the company's stock valued at $5,196,000 after acquiring an additional 137,604 shares during the last quarter. Prosperity Consulting Group LLC acquired a new stake in shares of Resources Connection during the 1st quarter valued at approximately $366,000. Boston Partners acquired a new stake in shares of Resources Connection during the 1st quarter valued at approximately $175,000. Finally, Deprince Race & Zollo Inc. bought a new position in Resources Connection during the second quarter worth $2,522,000. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Roger D. Carlile purchased 25,000 shares of the company's stock in a transaction on Monday, July 22nd. The shares were bought at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the transaction, the director now owns 25,000 shares of the company's stock, valued at $281,250. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Roger D. Carlile purchased 25,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were bought at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the transaction, the director now owns 25,000 shares in the company, valued at $281,250. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the company's stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total value of $131,062.50. Following the completion of the sale, the chief financial officer now owns 84,481 shares of the company's stock, valued at approximately $950,411.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.39% of the company's stock.

Analyst Ratings Changes

RGP has been the topic of a number of 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 cut shares of Resources Connection from a "buy" rating to a "hold" rating in a report on Saturday, July 27th.

Resources Connection Stock Up 1.2 %

RGP stock traded up $0.10 during mid-day trading on Friday, reaching $8.36. The company had a trading volume of 516,349 shares, compared to its average volume of 472,503. Resources Connection, Inc. has a one year low of $8.13 and a one year high of $14.63. The stock has a market capitalization of $279.81 million, a P/E ratio of 22.94, a P/E/G ratio of 3.37 and a beta of 0.65. The stock's 50-day simple moving average is $9.78 and its two-hundred day simple moving average is $10.73.

Resources Connection (NASDAQ:RGP - Get Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $137.82 million. Resources Connection had a return on equity of 3.69% and a net margin of 2.04%. Resources Connection's revenue for the quarter was down 19.5% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. On average, research analysts forecast that Resources Connection, Inc. will post 0.16 EPS for the current fiscal year.

Resources Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 23rd were paid a $0.14 dividend. The ex-dividend date was Friday, August 23rd. This represents a $0.56 annualized dividend and a dividend yield of 6.70%. Resources Connection's payout ratio is 155.56%.

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.