Short-term stake in Resources Connection, Inc. (NASDAQ:RGP) drops 19.4%

Resources Connection, Inc. (NASDAQ:RGP – Get Rating) was the target of a significant drop in short-term interest in October. As of October 31, there was short interest totaling 596,400 shares, down 19.4% from the total of 740,000 shares as of October 15. Based on an average daily volume of 202,800 shares, the day-to-cover ratio is currently 2.9 days. Currently, 1.9% of the company’s shares are sold short.

Analyst upgrades and downgrades

Several stock analysts have published reports on the company. StockNews.com upgraded Resources Connection from a “buy” rating to a “strong buy” rating in a Thursday, October 27 report. Robert W. Baird raised the target price of Resources Connection shares from $21.00 to $25.00 in a Monday, August 1 report.

Insider Trading at Resources Connection

In related news, director Anthony Cherbak sold 22,500 shares of Resources Connection in a trade on Friday, October 7. The stock was sold at an average price of $16.03, for a total value of $360,675.00. Following completion of the transaction, the administrator now directly owns 40,395 shares of the company, valued at $647,531.85. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Separately, director Anthony Cherbak sold 22,500 shares of the company in a transaction that took place on Friday, October 7. The stock was sold at an average price of $16.03, for a total trade of $360,675.00. Following the completion of the sale, the administrator now owns 40,395 shares of the company, valued at $647,531.85. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, Maltzan director Marco Von purchased 2,000 shares of the company in a transaction on Monday, October 10. The stock was purchased at an average price of $15.91 per share, for a total transaction of $31,820.00. Following the completion of the purchase, the director now directly owns 2,000 shares of the company, valued at $31,820. Disclosure of this purchase can be found here. Company insiders own 8.04% of the company’s shares.

Institutional investors weigh in on Resources Connection

A number of hedge funds have recently increased or reduced their stakes in the company. Essex Investment Management Co. LLC increased its stake in Resources Connection shares by 5.7% in the first quarter. Essex Investment Management Co. LLC now owns 169,125 shares of the company valued at $2,899,000 after purchasing an additional 9,166 shares during the period. The Tennessee State Treasury Department increased its stake in Resources Connection by 17.9% in the first quarter. The Tennessee State Treasury Department now owns 11,601 shares of the company valued at $199,000 after buying 1,758 additional shares in the last quarter. Royce & Associates LP increased its stake in Resources Connection by 47.3% during the second quarter. Royce & Associates LP now owns 1,303,508 shares of the company worth $26,552,000 after purchasing an additional 418,510 shares in the last quarter. Seizert Capital Partners LLC acquired a new stake in Resources Connection during the first quarter at a value of $296,000. Finally, Acadian Asset Management LLC increased its position in Resources Connection shares by 21.6% in the first quarter. Acadian Asset Management LLC now owns 348,117 shares of the company valued at $5,964,000 after purchasing an additional 61,830 shares last quarter. Institutional investors and hedge funds hold 84.12% of the company’s shares.

Resources Login Pricing Performance

Shares of RGP opened at $18.40 on Friday. The company has a debt ratio of 0.05, a quick ratio of 2.86 and a current ratio of 2.86. Resources Connection has a fifty-two week low of $15.69 and a fifty-two week high of $23.18. The company has a 50-day simple moving average of $18.20 and a 200-day simple moving average of $18.87. The company has a market capitalization of $621 million, a price-earnings ratio of 8.60 and a beta of 0.77.

Resources Connection (NASDAQ:RGP – Get Rating) last announced its results on Wednesday, October 5. The company reported earnings per share of $0.53 for the quarter, beating the consensus estimate of $0.29 by $0.24. Resources Connection achieved a return on equity of 19.48% and a net margin of 8.76%. The company posted revenue of $204.06 million for the quarter, versus a consensus estimate of $197.47 million. During the same period last year, the company posted EPS of $0.38. The company’s revenue increased 11.4% year over year. On average, equity research analysts expect Resources Connection to post 1.79 earnings per share for the current year.

Resources Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15. Shareholders of record on Thursday, November 17 will receive a dividend of $0.14. This represents an annualized dividend of $0.56 and a dividend yield of 3.04%. The ex-date of this dividend is Wednesday, November 16. Resources Connection’s payout ratio is 26.17%.

About connecting to resources

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Resources Connection, Inc provides consulting services to corporate clients as Resources Global Professionals in North America, Europe and Asia-Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, IPO preparation 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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