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

Millennium Management LLC lifted its stake in Resources Connection, Inc. (NASDAQ:RGP) by 438.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 537,743 shares of the company’s stock after purchasing an additional 437,878 shares during the period. Millennium Management LLC owned 1.60% of Resources Connection worth $5,937,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RGP. Tieton Capital Management LLC acquired a new stake in shares of Resources Connection during the second quarter worth $4,452,000. Invenomic Capital Management LP bought a new position in shares of Resources Connection during the first quarter worth $3,855,000. Deprince Race & Zollo Inc. bought a new position in Resources Connection during the second quarter worth about $2,522,000. Cubist Systematic Strategies LLC grew its stake in Resources Connection by 72,156.5% in the second quarter. Cubist Systematic Strategies LLC now owns 187,867 shares of the company’s stock valued at $2,074,000 after acquiring an additional 187,607 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Resources Connection by 53.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 394,820 shares of the company’s stock worth $5,196,000 after acquiring an additional 137,604 shares in the last quarter. Institutional investors own 93.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RGP. JPMorgan Chase & Co. lowered their target price on Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday, July 23rd. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th.

Resources Connection Stock Performance

NASDAQ RGP opened at $8.26 on Friday. Resources Connection, Inc. has a 52 week low of $8.13 and a 52 week high of $14.63. The stock’s 50 day moving average price is $9.78 and its two-hundred day moving average price is $10.73. The stock has a market capitalization of $279.25 million, a price-to-earnings ratio of 12.52, a PEG ratio of 1.25 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings data on Tuesday, October 1st. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.21). The business 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%. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities research analysts forecast that Resources Connection, Inc. will post 0.45 EPS for the current year.

Resources Connection Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 23rd were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.56 annualized dividend and a yield of 6.78%. Resources Connection’s payout ratio is presently 84.85%.

Insider Activity at Resources Connection

In other news, Director Roger D. Carlile bought 25,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were bought at an average cost of $11.25 per share, with a total value of $281,250.00. Following the acquisition, the director now owns 25,000 shares in the company, valued at $281,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Jennifer Y. Ryu sold 11,650 shares of Resources Connection stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $11.25, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Roger D. Carlile purchased 25,000 shares of the stock in a transaction on Monday, July 22nd. The stock was bought at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the completion of the acquisition, the director now owns 25,000 shares in the company, valued at approximately $281,250. The disclosure for this purchase can be found here. Insiders own 7.36% of the company’s stock.

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.