Short Interest in Resources Connection, Inc. (NASDAQ:RGP) Increases By 13.3%

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Zacks Research downgraded Resources Connection from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. Wall Street Zen downgraded Resources Connection from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $7.00.

Institutional Trading of Resources Connection

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Resources Connection by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,011,147 shares of the company's stock valued at $10,156,000 after purchasing an additional 97,228 shares during the period. Brandes Investment Partners LP raised its stake in shares of Resources Connection by 3.1% in the 4th quarter. Brandes Investment Partners LP now owns 1,442,645 shares of the company's stock valued at $7,271,000 after purchasing an additional 43,369 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Resources Connection by 37.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,407,032 shares of the company's stock valued at $7,091,000 after purchasing an additional 380,769 shares during the period. Circumference Group LLC raised its stake in shares of Resources Connection by 7.8% in the 4th quarter. Circumference Group LLC now owns 1,389,243 shares of the company's stock valued at $7,002,000 after purchasing an additional 100,000 shares during the period. Finally, First Manhattan CO. LLC. acquired a new stake in shares of Resources Connection in the 4th quarter valued at about $3,785,000. Institutional investors and hedge funds own 93.23% of the company's stock.

Resources Connection Stock Up 3.7%

RGP stock opened at $4.24 on Friday. Resources Connection has a twelve month low of $3.06 and a twelve month high of $6.30. The company has a market cap of $145.56 million, a P/E ratio of -1.43 and a beta of 0.45. The business's fifty day moving average is $3.75 and its 200-day moving average is $4.34.

Resources Connection (NASDAQ:RGP - Get Free Report) last posted its earnings results 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 net margin of 20.16% and a negative return on equity of 0.55%. The business had revenue of $107.93 million during the quarter, compared to analyst estimates of $108.19 million. Research analysts anticipate that Resources Connection will post -0.29 earnings per share for the current fiscal year.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Thursday, May 21st will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend is Thursday, May 21st. Resources Connection's payout ratio is presently -9.46%.

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.

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