Millennium Management LLC Cuts Holdings in Resources Connection, Inc. (NASDAQ:RGP)

Millennium Management LLC reduced its position in shares of Resources Connection, Inc. (NASDAQ:RGP - Free Report) by 23.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 633,306 shares of the company's stock after selling 197,607 shares during the period. Millennium Management LLC owned 1.91% of Resources Connection worth $5,402,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in shares of Resources Connection by 2,171.7% during 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 in the last quarter. Price T Rowe Associates Inc. MD raised its position in Resources Connection by 17.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,249 shares of the company's stock worth $105,000 after acquiring an additional 1,863 shares during the period. SG Americas Securities LLC bought a new stake in Resources Connection in the fourth quarter worth about $148,000. Sanctuary Advisors LLC raised its position in Resources Connection by 45.6% in the fourth quarter. Sanctuary Advisors LLC now owns 17,329 shares of the company's stock worth $148,000 after acquiring an additional 5,430 shares during the period. Finally, Wells Fargo & Company MN raised its position in Resources Connection by 32.0% in the fourth quarter. Wells Fargo & Company MN now owns 19,784 shares of the company's stock worth $169,000 after acquiring an additional 4,796 shares during the period. 93.23% of the stock is owned by institutional investors.

Resources Connection Trading Down 1.7%

Shares of NASDAQ RGP traded down $0.09 during midday trading on Monday, hitting $5.13. The company's stock had a trading volume of 190,773 shares, compared to its average volume of 402,338. The stock has a fifty day moving average price of $5.51 and a 200 day moving average price of $7.16. Resources Connection, Inc. has a one year low of $4.81 and a one year high of $12.19. The firm has a market capitalization of $169.64 million, a price-to-earnings ratio of -2.76 and a beta of 0.68.

Resources Connection Announces Dividend

The firm also recently declared a dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, June 23rd will be given a $0.07 dividend. The ex-dividend date of this dividend is Monday, June 23rd. Resources Connection's dividend payout ratio (DPR) is currently -8.54%.

Insider Activity at Resources Connection

In other news, COO Bhadreskumar Patel acquired 9,900 shares of Resources Connection stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average price of $5.05 per share, with a total value of $49,995.00. Following the completion of the purchase, the chief operating officer now 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kate W. Duchene purchased 20,000 shares of the business's stock in a transaction on Friday, April 4th. The stock was bought at an average cost of $5.14 per share, with a total value of $102,800.00. Following the purchase, the chief executive officer now owns 571,451 shares in the company, valued at approximately $2,937,258.14. This represents a 3.63% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 54,900 shares of company stock valued at $279,295. Corporate insiders own 3.39% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. lowered their price objective on shares of Resources Connection from $9.50 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, April 3rd.

Resources Connection Company 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.