Conn’s Inc. (CONN) Lowered to “Sell” at Zacks Investment Research
Conn’s Inc. (NASDAQ:CONN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
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. “
Other research analysts have also recently issued reports about the company. TheStreet cut Conn’s from a “hold” rating to a “sell” rating in a research note on Thursday, September 8th. Stifel Nicolaus raised Conn’s from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $25.50.
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Conn’s (NASDAQ:CONN) traded down 1.10% on Tuesday, reaching $8.98. The company had a trading volume of 536,203 shares. Conn’s has a one year low of $6.54 and a one year high of $28.00. The firm’s market capitalization is $276.39 million. The company’s 50 day moving average is $9.47 and its 200-day moving average is $9.36.
Conn’s (NASDAQ:CONN) last announced its quarterly earnings data on Thursday, September 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.03. Conn’s had a negative return on equity of 1.16% and a negative net margin of 1.40%. The firm had revenue of $398.16 million for the quarter, compared to analysts’ expectations of $413.12 million. During the same period last year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts expect that Conn’s will post ($0.40) earnings per share for the current fiscal year.
In related news, major shareholder Harriet C. Stephens acquired 22,619 shares of the stock in a transaction on Friday, September 9th. The stock was acquired at an average cost of $8.84 per share, for a total transaction of $199,951.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Conn’s by 0.5% in the second quarter. Royal Bank of Canada now owns 19,116 shares of the company’s stock valued at $143,000 after buying an additional 94 shares during the period. Creative Planning raised its stake in shares of Conn’s by 3.1% in the third quarter. Creative Planning now owns 10,051 shares of the company’s stock valued at $104,000 after buying an additional 300 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of Conn’s by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 72,032 shares of the company’s stock valued at $542,000 after buying an additional 404 shares during the period. KCG Holdings Inc. raised its stake in shares of Conn’s by 5.6% in the second quarter. KCG Holdings Inc. now owns 23,433 shares of the company’s stock valued at $176,000 after buying an additional 1,236 shares during the period. Finally, BlackRock Investment Management LLC raised its stake in shares of Conn’s by 5.7% in the second quarter. BlackRock Investment Management LLC now owns 95,910 shares of the company’s stock valued at $721,000 after buying an additional 5,183 shares during the period. Institutional investors and hedge funds own 63.59% of the company’s stock.
Conn’s Company Profile
Conn’s, Inc is a specialty retailer that offers a selection of consumer goods and related services in addition to a credit solution for its core credit constrained consumers. The Company operates through two segments: retail and credit. The Retail segment includes product categories, such as furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom; home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges; Consumer electronics, including liquid-crystal-display (LED), organic LED (OLED), Ultra high definition (HD) and Internet-ready televisions, and home office, including computers, printers and accessories.
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