Zacks Investment Research Downgrades Conn’s Inc. (CONN) to Sell
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. “
Several other equities analysts also recently commented on CONN. TheStreet downgraded shares of Conn’s from a “hold” rating to a “sell” rating in a research note on Thursday, September 8th. Stifel Nicolaus raised shares of Conn’s from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Wednesday, September 21st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $25.50.
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Conn’s (NASDAQ:CONN) traded down 1.10% during midday trading on Tuesday, reaching $8.98. 536,203 shares of the company traded hands. The stock’s market capitalization is $276.39 million. Conn’s has a 12-month low of $6.54 and a 12-month high of $28.00. The company has a 50 day moving average of $9.47 and a 200-day moving average of $9.36.
Conn’s (NASDAQ:CONN) last issued its quarterly earnings data on Thursday, September 8th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. The business earned $398.16 million during the quarter, compared to the consensus estimate of $413.12 million. Conn’s had a negative net margin of 1.40% and a negative return on equity of 1.16%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 EPS. Equities analysts anticipate that Conn’s will post ($0.40) EPS for the current fiscal year.
In other Conn’s news, major shareholder Harriet C. Stephens purchased 22,619 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was purchased at an average price of $8.84 per share, with a total value of $199,951.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Creative Planning increased its position in 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 last quarter. Royal Bank of Canada boosted its stake in 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. Guggenheim Capital LLC boosted its stake in Conn’s by 103.0% in the second quarter. Guggenheim Capital LLC now owns 100,394 shares of the company’s stock valued at $755,000 after buying an additional 50,948 shares during the period. Parametric Portfolio Associates LLC boosted its stake in 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. Finally, KCG Holdings Inc. boosted its stake in 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. 63.59% of the stock is owned by hedge funds and other institutional investors.
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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