Dimensional Fund Advisors LP Trims Stake in Conn’s, Inc. (CONN)
Dimensional Fund Advisors LP lowered its holdings in shares of Conn’s, Inc. (NASDAQ:CONN) by 0.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,517,111 shares of the specialty retailer’s stock after selling 4,793 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.89% of Conn’s worth $28,977,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royce & Associates LP increased its position in shares of Conn’s by 3.4% during the 2nd quarter. Royce & Associates LP now owns 429,411 shares of the specialty retailer’s stock valued at $8,202,000 after purchasing an additional 14,075 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Conn’s by 77.5% during the 1st quarter. Point72 Asset Management L.P. now owns 400,000 shares of the specialty retailer’s stock valued at $3,500,000 after purchasing an additional 174,600 shares during the last quarter. Northpointe Capital LLC purchased a new stake in shares of Conn’s during the 2nd quarter valued at about $5,052,000. Acadian Asset Management LLC purchased a new stake in shares of Conn’s during the 2nd quarter valued at about $4,766,000. Finally, EAM Investors LLC purchased a new stake in shares of Conn’s during the 2nd quarter valued at about $4,168,000. 70.88% of the stock is owned by hedge funds and other institutional investors.
Conn’s (NASDAQ:CONN) last issued its quarterly earnings results on Thursday, September 7th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.28. The firm had revenue of $366.65 million for the quarter, compared to analyst estimates of $371.97 million. Conn’s had a positive return on equity of 1.08% and a negative net margin of 0.14%. The business’s revenue was down 7.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) earnings per share.
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In other news, major shareholder Harriet C. Stephens purchased 23,000 shares of the stock in a transaction dated Monday, October 16th. The shares were purchased at an average cost of $25.50 per share, with a total value of $586,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Harriet C. Stephens purchased 42,000 shares of the stock in a transaction dated Friday, October 13th. The stock was purchased at an average cost of $25.40 per share, for a total transaction of $1,066,800.00. The disclosure for this purchase can be found here. Insiders own 3.48% of the company’s stock.
CONN has been the subject of several analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $26.00 target price (up from $20.00) on shares of Conn’s in a report on Friday, September 8th. Zacks Investment Research lowered shares of Conn’s from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. KeyCorp reissued an “overweight” rating and issued a $42.00 target price (up from $24.00) on shares of Conn’s in a report on Wednesday, October 18th. BidaskClub lowered shares of Conn’s from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, UBS AG raised shares of Conn’s from a “market perform” rating to an “outperform” rating in a report on Friday, September 29th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $33.33.
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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