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

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Circumference Group LLC purchased a new position in Resources Connection in the 4th quarter worth approximately $6,376,000. Millennium Management LLC raised its position in Resources Connection by 438.5% during the second quarter. Millennium Management LLC now owns 537,743 shares of the company’s stock valued at $5,937,000 after purchasing an additional 437,878 shares in the last quarter. Tieton Capital Management LLC bought a new stake in Resources Connection during the second quarter worth about $4,452,000. Invenomic Capital Management LP purchased a new position in shares of Resources Connection in the 1st quarter worth about $3,855,000. Finally, Brandes Investment Partners LP bought a new position in shares of Resources Connection during the 2nd quarter valued at about $2,590,000. Institutional investors own 93.23% of the company’s stock.

Resources Connection Price Performance

Shares of NASDAQ RGP traded down $0.05 during trading on Monday, hitting $9.96. The stock had a trading volume of 89,199 shares, compared to its average volume of 461,013. The firm has a fifty day moving average of $10.46 and a two-hundred day moving average 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 capitalization of $333.36 million, a PE ratio of 15.17, a PEG ratio of 0.99 and a beta of 0.65.

Resources Connection (NASDAQ:RGP) last issued its quarterly earnings results on Thursday, July 18th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.18. The company had revenue of $148.20 million for 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 firm’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. On average, equities analysts expect that Resources Connection will post 0.67 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 23rd will be issued 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 (DPR) is 84.85%.

Analysts Set New Price Targets

RGP has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price target 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. Noble Financial began coverage on shares of Resources Connection in a research note on Wednesday, May 29th. They set an “outperform” rating and a $15.00 price target for the company. Finally, StockNews.com downgraded Resources Connection from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.00.

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.