Resources Connection, Inc. (NASDAQ:RGP) Sees Large Drop in Short Interest

Resources Connection, Inc. (NASDAQ:RGP) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 788,000 shares, a drop of 22.0% from the October 31st total of 1,010,000 shares. Based on an average daily trading volume, of 384,100 shares, the short-interest ratio is currently 2.1 days. Currently, 2.4% of the company’s stock are sold short.

Resources Connection Stock Performance

RGP stock remained flat at $8.44 during midday trading on Friday. The company’s stock had a trading volume of 91,263 shares, compared to its average volume of 445,504. Resources Connection has a twelve month low of $7.90 and a twelve month high of $14.63. The stock has a market cap of $282.49 million, a PE ratio of 23.44, a price-to-earnings-growth ratio of 3.41 and a beta of 0.67. The company’s 50-day moving average is $8.56 and its 200-day moving average is $9.90.

Resources Connection (NASDAQ:RGP) last posted its quarterly earnings results on Tuesday, October 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.21). The company had revenue of $136.94 million for the quarter, compared to the consensus estimate of $137.82 million. Resources Connection had a net margin of 2.04% and a return on equity of 3.69%. Resources Connection’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. Research analysts expect that Resources Connection will post 0.16 earnings per share for the current year.

Resources Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, November 15th. This represents a $0.56 dividend on an annualized basis and a yield of 6.64%. Resources Connection’s dividend payout ratio is presently 155.56%.

Institutional Trading of Resources Connection

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in Resources Connection in the 3rd quarter worth approximately $115,000. Barclays PLC lifted its position in shares of Resources Connection by 194.4% during the third quarter. Barclays PLC now owns 48,280 shares of the company’s stock worth $468,000 after acquiring an additional 31,879 shares in the last quarter. Arete Wealth Advisors LLC boosted its holdings in shares of Resources Connection by 32.8% in the third quarter. Arete Wealth Advisors LLC now owns 17,877 shares of the company’s stock worth $173,000 after acquiring an additional 4,418 shares during the period. Geode Capital Management LLC grew its position in shares of Resources Connection by 3.1% in the third quarter. Geode Capital Management LLC now owns 784,529 shares of the company’s stock valued at $7,611,000 after purchasing an additional 23,943 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in Resources Connection by 7.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 52,957 shares of the company’s stock worth $514,000 after purchasing an additional 3,665 shares in the last quarter. Institutional investors own 93.23% of the company’s stock.

Resources Connection Company Profile

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.