Resources Connection, Inc. (NASDAQ:RGP) Short Interest Update

Resources Connection, Inc. (NASDAQ:RGP) was the recipient of a significant 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. Based on an average daily volume of 608,500 shares, the short-interest ratio is currently 1.8 days. Approximately 3.5% of the company’s stock are short sold.

Analysts Set New Price Targets

RGP has been the topic of a number of recent analyst reports. StockNews.com downgraded Resources Connection from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Noble Financial began coverage on Resources Connection in a report on Wednesday, May 29th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Resources Connection from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Resources Connection has a consensus rating of “Hold” and a consensus target price of $13.00.

Resources Connection Stock Performance

Shares of NASDAQ:RGP traded down $0.04 on Monday, hitting $9.97. The stock had a trading volume of 208,625 shares, compared to its average volume of 461,684. The firm’s 50 day moving average price is $10.45 and its 200-day moving average price is $11.24. Resources Connection has a twelve month low of $9.44 and a twelve month high of $15.44. The company has a market capitalization of $333.70 million, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 0.99 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last released its quarterly earnings results on Thursday, July 18th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.18. The firm had revenue of $148.20 million for the quarter, compared to analyst estimates of $140.59 million. Resources Connection had a net margin of 3.32% and a return on equity of 6.19%. The company’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 business earned $0.39 earnings per share. As a group, sell-side analysts predict that Resources Connection will post 0.67 EPS for the current year.

Resources Connection Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 23rd will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $0.56 dividend on an annualized basis and a yield of 5.62%. Resources Connection’s dividend payout ratio (DPR) is presently 84.85%.

Insider Activity at Resources Connection

In other news, 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 transaction, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at $950,411.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Resources Connection news, Director Roger D. Carlile bought 25,000 shares of Resources Connection stock in a transaction on Monday, July 22nd. The stock was purchased at an average cost of $11.25 per share, for a total transaction of $281,250.00. Following the completion of the purchase, the director now directly owns 25,000 shares of the company’s stock, valued at $281,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jennifer Y. Ryu sold 11,650 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 84,481 shares of the company’s stock, valued at $950,411.25. The disclosure for this sale can be found here. 7.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Resources Connection

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brandes Investment Partners LP bought a new stake in shares of Resources Connection during the second quarter worth $2,590,000. Creative Planning bought a new stake in Resources Connection during the 2nd quarter worth about $455,000. Millennium Management LLC grew its holdings in Resources Connection by 438.5% during the 2nd quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock worth $5,937,000 after acquiring an additional 437,878 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in Resources Connection in the 2nd quarter valued at about $2,522,000. Finally, AQR Capital Management LLC lifted its position in shares of Resources Connection by 18.8% during the second quarter. AQR Capital Management LLC now owns 836,558 shares of the company’s stock worth $9,236,000 after purchasing an additional 132,586 shares in the last quarter. 93.23% of the stock is owned by institutional investors and hedge funds.

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.