Resources Connection, Inc. (NASDAQ:RGP) Short Interest Down 28.9% in May

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

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. reduced their price objective on Resources Connection from $9.50 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, April 3rd.

Insider Buying and Selling at Resources Connection

In other 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 transaction of $27,373.04. Following the transaction, the director now directly owns 24,331 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Bhadreskumar Patel bought 9,900 shares of the business’s stock in a transaction dated Monday, April 7th. The shares were bought at an average price of $5.05 per share, with a total value of $49,995.00. Following the completion of the transaction, the chief operating officer now owns 131,099 shares in the company, valued at approximately $662,049.95. This trade represents a 8.17% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 54,900 shares of company stock worth $279,295 over the last quarter. 3.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Resources Connection

Several institutional investors have recently made changes to their positions in the stock. Deprince Race & Zollo Inc. boosted its position in shares of Resources Connection by 38.7% in the fourth quarter. Deprince Race & Zollo Inc. now owns 963,619 shares of the company’s stock valued at $8,220,000 after acquiring an additional 268,954 shares during the period. Tieton Capital Management LLC lifted its stake in shares of Resources Connection by 42.4% in the 4th quarter. Tieton Capital Management LLC now owns 823,108 shares of the company’s stock valued at $7,021,000 after purchasing an additional 245,022 shares during the period. Horrell Capital Management Inc. boosted its holdings in shares of Resources Connection by 30.1% during the 4th quarter. Horrell Capital Management Inc. now owns 1,060,000 shares of the company’s stock valued at $9,042,000 after buying an additional 245,000 shares in the last quarter. Nuveen LLC bought a new position in shares of Resources Connection during the first quarter valued at approximately $1,431,000. Finally, Invenomic Capital Management LP raised its stake in Resources Connection by 30.5% during the first quarter. Invenomic Capital Management LP now owns 788,952 shares of the company’s stock valued at $5,160,000 after buying an additional 184,335 shares during the last quarter. Institutional investors and hedge funds own 93.23% of the company’s stock.

Resources Connection Stock Up 4.5%

NASDAQ RGP opened at $5.62 on Tuesday. The stock has a fifty day simple moving average of $5.40 and a 200 day simple moving average of $6.95. Resources Connection has a twelve month low of $4.81 and a twelve month high of $12.19. The company has a market capitalization of $185.85 million, a price-to-earnings ratio of -3.02 and a beta of 0.64.

Resources Connection Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, June 23rd will be given a dividend of $0.07 per share. The ex-dividend date is Monday, June 23rd. Resources Connection’s dividend payout ratio (DPR) is presently -8.54%.

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.