Short Interest in Resources Connection, Inc. (NASDAQ:RGP) Rises By 28.5%

Resources Connection, Inc. (NASDAQ:RGPGet Rating) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 511,500 shares, an increase of 28.5% from the April 30th total of 397,900 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily volume of 181,400 shares, the days-to-cover ratio is currently 2.8 days.

Several research analysts recently weighed in on the stock. StockNews.com began coverage on shares of Resources Connection in a research report on Thursday, March 31st. They set a “strong-buy” rating for the company. Zacks Investment Research upgraded shares of Resources Connection from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Tuesday, April 12th.

In other Resources Connection news, Director Anthony Cherbak sold 22,500 shares of the company’s stock in a transaction on Friday, April 8th. The shares were sold at an average price of $17.94, for a total value of $403,650.00. Following the sale, the director now directly owns 40,395 shares of the company’s stock, valued at $724,686.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 8.04% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of RGP. Assenagon Asset Management S.A. boosted its position in Resources Connection by 94.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 377,017 shares of the company’s stock valued at $6,462,000 after buying an additional 182,731 shares during the period. Essex Investment Management Co. LLC acquired a new stake in shares of Resources Connection in the 4th quarter valued at $2,854,000. Royce & Associates LP raised its holdings in shares of Resources Connection by 18.3% in the 1st quarter. Royce & Associates LP now owns 884,998 shares of the company’s stock valued at $15,169,000 after purchasing an additional 137,084 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Resources Connection by 45.7% in the 4th quarter. Invesco Ltd. now owns 430,279 shares of the company’s stock valued at $7,676,000 after purchasing an additional 134,918 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Resources Connection by 112.8% in the 2nd quarter. Morgan Stanley now owns 253,816 shares of the company’s stock valued at $3,645,000 after purchasing an additional 134,515 shares in the last quarter. 79.10% of the stock is owned by institutional investors.

Shares of Resources Connection stock traded up $0.03 during mid-day trading on Tuesday, hitting $18.21. The stock had a trading volume of 1,874 shares, compared to its average volume of 188,061. The firm has a 50-day moving average of $17.27 and a two-hundred day moving average of $17.34. Resources Connection has a 12-month low of $13.28 and a 12-month high of $20.16. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.15. The firm has a market cap of $602.75 million, a P/E ratio of 8.70 and a beta of 0.92.

Resources Connection (NASDAQ:RGPGet Rating) last posted its quarterly earnings data on Wednesday, April 6th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.25. The firm had revenue of $204.61 million during the quarter, compared to analysts’ expectations of $195.12 million. Resources Connection had a net margin of 9.19% and a return on equity of 20.53%. The firm’s quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. Sell-side analysts expect that Resources Connection will post 1.56 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 8th. Shareholders of record on Wednesday, May 11th will be given a $0.14 dividend. The ex-dividend date is Tuesday, May 10th. This represents a $0.56 annualized dividend and a yield of 3.08%. Resources Connection’s dividend payout ratio is presently 26.79%.

Resources Connection Company Profile (Get Rating)

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.

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