Conn’s (CONN) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Conn’s (NASDAQ:CONN) from a strong-buy rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Conns Inc is a specialty retailer currently operating retail locations in Texas and Louisiana. It sells major home appliances, including refrigerators, freezers, washers, dryers and ranges, and a variety of consumer electronics, including projection, plasma and LCD televisions, camcorders, VCRs, DVD players and home theater products. They also sell home office equipment, lawn and garden products and bedding, and continue to introduce additional product categories for the home to help increase same store sales and to respond to their customers’ product needs. “
Several other equities research analysts have also recently commented on CONN. ValuEngine cut Conn’s from a buy rating to a hold rating in a research note on Wednesday, September 12th. BidaskClub cut Conn’s from a hold rating to a sell rating in a research note on Friday, October 19th. Compass Point reiterated a hold rating and issued a $38.50 price objective on shares of Conn’s in a research report on Friday, August 17th. Finally, Jefferies Financial Group began coverage on Conn’s in a research report on Thursday, August 16th. They issued a buy rating and a $44.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Conn’s has an average rating of Hold and a consensus target price of $41.08.
Conn’s (NASDAQ:CONN) last released its quarterly earnings results on Tuesday, December 4th. The specialty retailer reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Conn’s had a return on equity of 12.17% and a net margin of 3.09%. The business had revenue of $373.80 million during the quarter, compared to analysts’ expectations of $383.59 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s quarterly revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Conn’s will post 2.38 EPS for the current fiscal year.
In other Conn’s news, insider Brian Daly acquired 4,200 shares of the business’s stock in a transaction on Thursday, December 6th. The stock was purchased at an average price of $23.05 per share, for a total transaction of $96,810.00. Following the completion of the transaction, the insider now owns 58,533 shares of the company’s stock, valued at approximately $1,349,185.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.34% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP purchased a new position in Conn’s in the second quarter worth $1,590,000. Millennium Management LLC grew its holdings in Conn’s by 485.0% in the second quarter. Millennium Management LLC now owns 664,210 shares of the specialty retailer’s stock valued at $21,919,000 after purchasing an additional 550,663 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Conn’s by 11.6% in the second quarter. Russell Investments Group Ltd. now owns 573,881 shares of the specialty retailer’s stock valued at $18,934,000 after purchasing an additional 59,467 shares during the last quarter. Yorktown Management & Research Co Inc grew its holdings in Conn’s by 144.5% in the second quarter. Yorktown Management & Research Co Inc now owns 20,905 shares of the specialty retailer’s stock valued at $690,000 after purchasing an additional 12,355 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in Conn’s in the second quarter valued at $962,000. Hedge funds and other institutional investors own 68.54% of the company’s stock.
Conn’s Company Profile
Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. The company operates through two segments, Retail and Credit. Its stores provide furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges; consumer electronics comprising televisions, Blu-ray players, home theaters, and portable audio equipment; and home office products consisting of computers, printers, and accessories.
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