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

Resources Connection, Inc. (NASDAQ:RGP) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totaling 2,407,523 shares, a growth of 13.3% from the March 31st total of 2,124,701 shares. Currently, 7.6% of the company’s stock are sold short. Based on an average trading volume of 438,986 shares, the short-interest ratio is presently 5.5 days.

Wall Street Analyst Weigh In

Several research firms have commented on RGP. Zacks Research cut Resources Connection from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Wall Street Zen cut Resources Connection from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.00.

Resources Connection Stock Up 3.5%

Shares of Resources Connection stock opened at $4.39 on Friday. Resources Connection has a 12-month low of $3.06 and a 12-month high of $6.30. The stock has a market cap of $150.71 million, a P/E ratio of -1.48 and a beta of 0.52. The business’s 50 day moving average is $3.75 and its 200-day moving average is $4.34.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). Resources Connection had a negative return on equity of 0.55% and a negative net margin of 20.16%.The company had revenue of $107.93 million for the quarter, compared to the consensus estimate of $108.19 million. On average, sell-side analysts expect that Resources Connection will post -0.29 EPS for the current year.

Resources Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Thursday, May 21st will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, May 21st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 6.4%. Resources Connection’s dividend payout ratio is currently -9.46%.

Institutional Investors Weigh In On Resources Connection

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. DGS Capital Management LLC bought a new stake in Resources Connection in the 1st quarter valued at $44,000. North Star Investment Management Corp. raised its stake in Resources Connection by 574.3% in the 1st quarter. North Star Investment Management Corp. now owns 236,000 shares of the company’s stock valued at $880,000 after acquiring an additional 201,000 shares during the period. Corient Private Wealth LLC raised its stake in Resources Connection by 19.7% in the 4th quarter. Corient Private Wealth LLC now owns 30,231 shares of the company’s stock valued at $152,000 after acquiring an additional 4,969 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in Resources Connection by 80.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 30,310 shares of the company’s stock valued at $153,000 after acquiring an additional 13,523 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Resources Connection in the 4th quarter valued at $235,000. Institutional investors own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc (NASDAQ: RGP) is a publicly traded professional services firm that specializes in providing independent consulting and project-based teams to help organizations manage critical business challenges. Operating under the RGP brand, the company connects highly skilled consultants with clients seeking support in areas such as finance and accounting, legal and risk management, supply chain optimization, technology implementation, and digital transformation.

RGP’s consultants bring specific industry and functional expertise to engagements, working on a flexible basis that allows clients to scale resources up or down as needed.