Short Interest in Resources Connection, Inc. (NASDAQ:RGP) Declines By 36.9%

Resources Connection, Inc. (NASDAQ:RGP) was the target of a significant drop in short interest in the month of 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 trading volume of 1,029,136 shares, the days-to-cover ratio is presently 1.3 days. Currently, 4.1% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RGP. Zacks Research raised shares of Resources Connection from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen raised shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded shares of Resources Connection from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.00.

Resources Connection Trading Down 1.8%

RGP traded down $0.08 during trading on Friday, reaching $4.61. 186,847 shares of the company’s stock were exchanged, compared to its average volume of 433,143. Resources Connection has a one year low of $3.06 and a one year high of $5.95. The firm has a fifty day moving average price of $4.44 and a two-hundred day moving average price of $4.22. The stock has a market capitalization of $158.12 million, a PE ratio of -1.56 and a beta of 0.55.

Resources Connection Announces Dividend

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

Hedge Funds Weigh In On Resources Connection

A number of institutional investors and hedge funds have recently made changes to their positions in RGP. Eurizon Capital SGR S.p.A. acquired a new position in shares of Resources Connection during the fourth quarter valued at about $31,000. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Resources Connection in the 4th quarter worth about $33,000. Strs Ohio bought a new stake in Resources Connection during the 1st quarter worth approximately $48,000. Quarry LP raised its stake in shares of Resources Connection by 4,995.7% in the third quarter. Quarry LP now owns 9,529 shares of the company’s stock worth $48,000 after purchasing an additional 9,342 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Resources Connection in the fourth quarter worth approximately $50,000. Institutional investors own 93.23% of the company’s stock.

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.