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

Resources Connection, Inc. (NASDAQ:RGP) saw a large increase in short interest in the month of 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 trading volume, of 608,500 shares, the days-to-cover ratio is currently 1.8 days. Currently, 3.5% of the company’s shares are short sold.

Insider Transactions at Resources Connection

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its position in Resources Connection by 66.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,554 shares of the company’s stock worth $28,000 after buying an additional 1,019 shares in the last quarter. TD Asset Management Inc increased its position in shares of Resources Connection by 1.4% in the fourth quarter. TD Asset Management Inc now owns 89,400 shares of the company’s stock valued at $1,267,000 after acquiring an additional 1,200 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Resources Connection by 13.8% during the second quarter. Victory Capital Management Inc. now owns 13,623 shares of the company’s stock worth $150,000 after acquiring an additional 1,649 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in Resources Connection by 15.4% during the second quarter. Harbor Capital Advisors Inc. now owns 15,595 shares of the company’s stock valued at $172,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Resources Connection by 16.5% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 16,573 shares of the company’s stock valued at $218,000 after purchasing an additional 2,353 shares in the last quarter. Institutional investors and hedge funds own 93.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Noble Financial began coverage on Resources Connection in a research note on Wednesday, May 29th. They set an “outperform” rating and a $15.00 price objective on the stock. StockNews.com lowered Resources Connection from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. Finally, JPMorgan Chase & Co. decreased their price objective 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Resources Connection presently has a consensus rating of “Hold” and an average target price of $13.00.

Resources Connection Price Performance

Shares of RGP traded down $0.04 during midday trading 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 has a market cap 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. The company has a 50 day simple moving average of $10.45 and a two-hundred day simple moving average of $11.24. Resources Connection has a twelve month low of $9.44 and a twelve month high of $15.44.

Resources Connection (NASDAQ:RGP) last announced its earnings results on Thursday, July 18th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.18. Resources Connection had a return on equity of 6.19% and a net margin of 3.32%. The business had revenue of $148.20 million for the quarter, compared to analyst estimates of $140.59 million. During the same quarter last year, the firm earned $0.39 EPS. Resources Connection’s revenue for the quarter was down 19.7% compared to the same quarter last year. Analysts forecast that Resources Connection will post 0.67 EPS for the current fiscal year.

Resources Connection Dividend Announcement

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

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.