Resources Connection, Inc. (NASDAQ:RGP) Short Interest Up 31.4% in April

Resources Connection, Inc. (NASDAQ:RGP) saw a significant growth in short interest in April. As of April 15th, there was short interest totalling 2,010,000 shares, a growth of 31.4% from the March 31st total of 1,530,000 shares. Based on an average trading volume of 450,500 shares, the short-interest ratio is currently 4.5 days. Currently, 6.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGP. Robert W. Baird reduced their price objective on Resources Connection from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, April 4th. StockNews.com downgraded shares of Resources Connection from a “buy” rating to a “hold” rating in a research report on Sunday, February 25th.

Resources Connection Stock Performance

RGP stock remained flat at $11.05 on Tuesday. The company had a trading volume of 351,635 shares, compared to its average volume of 422,247. The company has a fifty day moving average of $12.57 and a two-hundred day moving average of $13.31. The company has a market cap of $373.60 million, a price-to-earnings ratio of 16.74, a PEG ratio of 2.31 and a beta of 0.61. Resources Connection has a 52-week low of $10.59 and a 52-week high of $17.24.

Resources Connection (NASDAQ:RGP) last announced its quarterly earnings results on Wednesday, April 3rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.18. The business had revenue of $151.31 million during the quarter, compared to the consensus estimate of $152.77 million. Resources Connection had a net margin of 3.34% and a return on equity of 6.86%. The business’s revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 EPS. On average, equities research analysts forecast that Resources Connection will post 0.32 EPS for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 16th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, May 15th. This represents a $0.56 annualized dividend and a yield of 5.07%. Resources Connection’s dividend payout ratio (DPR) is currently 84.85%.

Institutional Trading of Resources Connection

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its stake in Resources Connection by 38.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 194,389 shares of the company’s stock valued at $2,754,000 after buying an additional 53,882 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Resources Connection by 6.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 535,277 shares of the company’s stock valued at $7,981,000 after buying an additional 32,235 shares during the period. Alps Advisors Inc. acquired a new position in shares of Resources Connection during the 3rd quarter valued at about $536,000. Barclays PLC lifted its holdings in shares of Resources Connection by 42.4% during the 3rd quarter. Barclays PLC now owns 37,166 shares of the company’s stock worth $555,000 after acquiring an additional 11,061 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Resources Connection by 41.1% in the third quarter. AQR Capital Management LLC now owns 555,153 shares of the company’s stock worth $8,277,000 after acquiring an additional 161,632 shares during the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.

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.