Conn’s, Inc. (CONN) Cut to Hold at Zacks Investment Research
Conn’s, Inc. (NASDAQ:CONN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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 analysts also recently issued reports on CONN. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Conn’s in a research note on Tuesday, June 6th. BidaskClub upgraded Conn’s from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Stephens restated an “overweight” rating and issued a $28.00 price target (up from $25.00) on shares of Conn’s in a research note on Monday, July 17th. ValuEngine upgraded Conn’s from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $20.00 price target (up from $19.00) on shares of Conn’s in a research note on Wednesday, June 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Conn’s has an average rating of “Buy” and an average target price of $22.50.
Shares of Conn’s (CONN) traded down 1.33% on Tuesday, hitting $22.30. The company had a trading volume of 257,669 shares. Conn’s has a 12-month low of $6.55 and a 12-month high of $23.75. The company’s market capitalization is $691.59 million. The firm has a 50-day moving average price of $19.77 and a 200 day moving average price of $14.44.
Conn’s (NASDAQ:CONN) last issued its earnings results on Tuesday, June 6th. The specialty retailer reported ($0.05) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.17. Conn’s had a negative return on equity of 0.72% and a negative net margin of 1.18%. The company had revenue of $355.80 million during the quarter, compared to the consensus estimate of $357.53 million. During the same period in the previous year, the company posted ($0.31) EPS. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities analysts expect that Conn’s will post $0.49 EPS for the current year.
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In related news, Director Douglas H. Martin acquired 10,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was purchased at an average cost of $17.83 per share, with a total value of $178,300.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder W. R. Jr. Stephens acquired 12,000 shares of the company’s stock in a transaction on Friday, July 14th. The stock was bought at an average cost of $18.85 per share, with a total value of $226,200.00. The disclosure for this purchase can be found here. Insiders own 3.48% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. ClariVest Asset Management LLC bought a new position in shares of Conn’s during the second quarter valued at $114,000. Creative Planning boosted its position in shares of Conn’s by 3.1% in the third quarter. Creative Planning now owns 10,051 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 300 shares in the last quarter. BlackRock Group LTD boosted its position in shares of Conn’s by 21.5% in the first quarter. BlackRock Group LTD now owns 10,262 shares of the specialty retailer’s stock valued at $128,000 after buying an additional 1,813 shares in the last quarter. Laurion Capital Management LP bought a new position in shares of Conn’s during the third quarter valued at $114,000. Finally, Baker Avenue Asset Management bought a new position in shares of Conn’s during the third quarter valued at $267,000. 62.58% of the stock is owned by hedge funds and other institutional investors.
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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