Short Interest in Resources Connection, Inc. (NASDAQ:RGP) Expands By 30.4%

Resources Connection, Inc. (NASDAQ:RGP) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,100,000 shares, a growth of 30.4% from the August 15th total of 843,800 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average trading volume of 608,500 shares, the short-interest ratio is presently 1.8 days.

Resources Connection Stock Performance

NASDAQ RGP traded down $0.05 on Monday, reaching $9.96. 89,199 shares of the stock traded hands, compared to its average volume of 461,013. The company has a fifty day moving average price of $10.46 and a 200-day moving average price of $11.26. Resources Connection has a 12 month low of $9.44 and a 12 month high of $15.44. The company has a market cap of $333.36 million, a price-to-earnings ratio of 15.17, a PEG ratio of 0.99 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last posted its quarterly earnings data on Thursday, July 18th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.10 by $0.18. The business had revenue of $148.20 million during the quarter, compared to the consensus estimate of $140.59 million. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The business’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, research analysts anticipate that Resources Connection will post 0.67 earnings per share for the current fiscal year.

Resources Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 23rd will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.62%. The ex-dividend date is Friday, August 23rd. Resources Connection’s dividend payout ratio is currently 84.85%.

Insider Transactions at Resources Connection

In other news, CFO Jennifer Y. Ryu sold 11,650 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $11.25, for a total transaction of $131,062.50. Following the completion of the transaction, the chief financial officer now directly owns 84,481 shares in the company, valued at $950,411.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Roger D. Carlile bought 25,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was acquired at an average price of $11.25 per share, with a total value of $281,250.00. Following the transaction, the director now owns 25,000 shares in the company, valued at approximately $281,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the company’s 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 sale, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at approximately $950,411.25. The disclosure for this sale can be found here. Corporate insiders own 7.36% of the company’s stock.

Hedge Funds Weigh In On Resources Connection

Several large investors have recently made changes to their positions in RGP. Dimensional Fund Advisors LP boosted its holdings in Resources Connection by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,538,985 shares of the company’s stock worth $35,978,000 after buying an additional 25,885 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Resources Connection by 1.3% during the first quarter. Vanguard Group Inc. now owns 2,419,297 shares of the company’s stock worth $31,838,000 after buying an additional 30,393 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Resources Connection by 18.8% in the 2nd quarter. AQR Capital Management LLC now owns 836,558 shares of the company’s stock valued at $9,236,000 after purchasing an additional 132,586 shares during the last quarter. Horrell Capital Management Inc. increased its position in shares of Resources Connection by 45.6% during the 1st quarter. Horrell Capital Management Inc. now owns 655,000 shares of the company’s stock worth $8,620,000 after purchasing an additional 205,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Resources Connection by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 564,530 shares of the company’s stock valued at $7,999,000 after buying an additional 29,253 shares during the period. 93.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RGP. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. 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 report on Tuesday, July 23rd. Finally, Noble Financial started coverage on shares of Resources Connection in a report on Wednesday, May 29th. They issued an “outperform” rating and a $15.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Resources Connection has an average rating of “Hold” and an average target price of $13.00.

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.