Resources Connection, Inc. (NASDAQ:RGP) Sees Large Increase in Short Interest

Resources Connection, Inc. (NASDAQ:RGP) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 2,010,000 shares, a growth of 31.4% from the March 31st total of 1,530,000 shares. Based on an average daily volume of 450,500 shares, the short-interest ratio is currently 4.5 days. Currently, 6.4% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RGP. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a report on Sunday, February 25th. Robert W. Baird lowered their price target on shares of Resources Connection from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, April 4th.

Resources Connection Price Performance

NASDAQ RGP traded up $0.09 on Friday, reaching $11.10. The company had a trading volume of 307,701 shares, compared to its average volume of 372,749. The firm has a market cap of $375.29 million, a price-to-earnings ratio of 16.82, a P/E/G ratio of 2.31 and a beta of 0.61. Resources Connection has a fifty-two week low of $10.59 and a fifty-two week high of $17.24. The business has a 50 day moving average of $12.66 and a two-hundred day moving average of $13.36.

Resources Connection (NASDAQ:RGP) last posted its quarterly earnings data on Wednesday, April 3rd. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.18. The business had revenue of $151.31 million during the quarter, compared to the consensus estimate of $152.77 million. Resources Connection had a return on equity of 6.86% and a net margin of 3.34%. Resources Connection’s quarterly revenue was down 19.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 earnings per share. As a group, research analysts predict that Resources Connection will post 0.32 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 16th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.56 dividend on an annualized basis and a yield of 5.05%. Resources Connection’s payout ratio is currently 84.85%.

Institutional Trading of Resources Connection

A number of large investors have recently bought and sold shares of RGP. Circumference Group LLC bought a new position in shares of Resources Connection during the 4th quarter worth about $6,376,000. Horrell Capital Management Inc. lifted its position in Resources Connection by 45.6% in the 1st quarter. Horrell Capital Management Inc. now owns 655,000 shares of the company’s stock valued at $8,620,000 after acquiring an additional 205,000 shares in the last quarter. AQR Capital Management LLC lifted its position in Resources Connection by 41.1% in the 3rd quarter. AQR Capital Management LLC now owns 555,153 shares of the company’s stock valued at $8,277,000 after acquiring an additional 161,632 shares in the last quarter. Clark Estates Inc. NY bought a new position in Resources Connection in the 4th quarter valued at about $1,020,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Resources Connection by 69.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 140,507 shares of the company’s stock worth $2,095,000 after buying an additional 57,808 shares in the last quarter. 93.23% of the stock is currently owned by institutional investors and hedge funds.

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.