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

Resources Connection, Inc. (NASDAQ:RGP) was the target of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 699,100 shares, an increase of 20.5% from the February 13th total of 580,100 shares. Currently, 2.2% of the shares of the company are sold short. Based on an average daily trading volume, of 330,600 shares, the short-interest ratio is currently 2.1 days.

Resources Connection Stock Performance

RGP stock traded down $0.03 during midday trading on Wednesday, reaching $6.83. The stock had a trading volume of 38,022 shares, compared to its average volume of 396,186. Resources Connection has a 52-week low of $6.71 and a 52-week high of $13.30. The stock has a market cap of $226.01 million, a PE ratio of -3.68 and a beta of 0.61. The firm has a fifty day simple moving average of $7.89 and a two-hundred day simple moving average of $8.45.

Resources Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 14th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 8.20%. The ex-dividend date of this dividend was Friday, February 14th. Resources Connection’s dividend payout ratio (DPR) is -30.11%.

Institutional Investors Weigh In On Resources Connection

A number of institutional investors have recently modified their holdings of RGP. Nisa Investment Advisors LLC raised its stake in shares of Resources Connection by 2,171.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,134 shares of the company’s stock worth $44,000 after buying an additional 4,908 shares during the period. Point72 DIFC Ltd increased its stake in shares of Resources Connection by 32.5% during the third quarter. Point72 DIFC Ltd now owns 7,074 shares of the company’s stock worth $69,000 after purchasing an additional 1,735 shares in the last quarter. Quarry LP acquired a new position in shares of Resources Connection during the 3rd quarter worth about $95,000. Intech Investment Management LLC purchased a new position in Resources Connection in the 3rd quarter valued at about $106,000. Finally, Sanctuary Advisors LLC acquired a new stake in Resources Connection in the 3rd quarter worth about $115,000. 93.23% of the stock is currently owned by institutional investors and hedge funds.

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.