Resources Connection, Inc. (NASDAQ:RGP) Sees Large Drop in Short Interest

Resources Connection, Inc. (NASDAQ:RGP - Get Free Report) saw a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 476,300 shares, a decline of 28.9% from the May 15th total of 670,000 shares. Approximately 1.5% of the shares of the stock are short sold. Based on an average trading volume of 275,700 shares, the short-interest ratio is presently 1.7 days.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. reduced their price target on shares of Resources Connection from $9.50 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, April 3rd.

Insider Activity

In related news, Director David P. White sold 5,204 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $5.26, for a total value of $27,373.04. Following the completion of the sale, the director now owns 24,331 shares of the company's stock, valued at $127,981.06. This trade represents a 17.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roger D. Carlile purchased 25,000 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was bought at an average cost of $5.06 per share, with a total value of $126,500.00. Following the acquisition, the director now owns 50,000 shares of the company's stock, valued at $253,000. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 54,900 shares of company stock worth $279,295. Insiders own 3.39% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio acquired a new position in shares of Resources Connection during the 1st quarter worth approximately $48,000. Empowered Funds LLC lifted its stake in Resources Connection by 7.3% in the 1st quarter. Empowered Funds LLC now owns 178,769 shares of the company's stock valued at $1,169,000 after purchasing an additional 12,231 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Resources Connection by 30.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 262,248 shares of the company's stock valued at $1,715,000 after purchasing an additional 61,580 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Resources Connection during the first quarter worth $452,000. Finally, Petrus Trust Company LTA grew its position in shares of Resources Connection by 14.6% in the 1st quarter. Petrus Trust Company LTA now owns 33,759 shares of the company's stock valued at $221,000 after buying an additional 4,300 shares during the last quarter. Institutional investors and hedge funds own 93.23% of the company's stock.

Resources Connection Stock Up 2.0%

RGP traded up $0.11 during trading on Thursday, hitting $5.49. The company had a trading volume of 160,764 shares, compared to its average volume of 380,965. The company has a market capitalization of $181.55 million, a PE ratio of -1.67, a PEG ratio of 0.44 and a beta of 0.64. The firm's 50-day moving average price is $5.40 and its 200 day moving average price is $6.90. Resources Connection has a one year low of $4.81 and a one year high of $12.19.

Resources Connection Announces Dividend

The company also recently disclosed a dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, June 23rd will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Monday, June 23rd. Resources Connection's dividend payout ratio is presently -17.07%.

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.