Resources Connection, Inc. (NASDAQ:RGP) Short Interest Update

Resources Connection, Inc. (NASDAQ:RGP) saw a significant drop in short interest in June. As of June 30th, there was short interest totaling 1,305,464 shares, a drop of 36.9% from the June 15th total of 2,068,451 shares. Based on an average daily volume of 1,029,136 shares, the short-interest ratio is currently 1.3 days. Currently, 4.1% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RGP shares. Zacks Research raised shares of Resources Connection from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings raised shares of Resources Connection from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Finally, Wall Street Zen upgraded Resources Connection from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.00.

Hedge Funds Weigh In On Resources Connection

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGP. Eurizon Capital SGR S.p.A. bought a new stake in shares of Resources Connection during the 4th quarter valued at about $31,000. Intesa Sanpaolo Wealth Management bought a new position in shares of Resources Connection in the fourth quarter worth approximately $33,000. DGS Capital Management LLC purchased a new stake in Resources Connection in the first quarter valued at approximately $44,000. Strs Ohio purchased a new stake in Resources Connection in the first quarter valued at approximately $48,000. Finally, Quarry LP lifted its position in Resources Connection by 4,995.7% during the third quarter. Quarry LP now owns 9,529 shares of the company’s stock valued at $48,000 after purchasing an additional 9,342 shares during the last quarter. 93.23% of the stock is currently owned by hedge funds and other institutional investors.

Resources Connection Stock Performance

Resources Connection stock traded down $0.08 during mid-day trading on Friday, reaching $4.61. The company’s stock had a trading volume of 186,847 shares, compared to its average volume of 433,143. Resources Connection has a 12-month low of $3.06 and a 12-month high of $5.95. The company has a market capitalization of $158.12 million, a P/E ratio of -1.56 and a beta of 0.55. The firm’s fifty day moving average price is $4.44 and its two-hundred day moving average price is $4.22.

Resources Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Thursday, May 21st were issued a $0.07 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.28 annualized dividend and a dividend yield of 6.1%. Resources Connection’s dividend payout ratio is presently -9.46%.

Resources Connection Company Profile

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.