Select Comfort Corporation (SCSS) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Select Comfort Corporation (NASDAQ:SCSS) from a hold rating to a sell rating in a research report released on Thursday morning.
According to Zacks, “SELECT COMFORT is engaged in the manufacture, specialty retailing and direct marketing of premium quality, innovative adjustable-firmness beds and other sleep-related products. “
Several other equities analysts have also issued reports on SCSS. BidaskClub upgraded Select Comfort Corporation from a hold rating to a buy rating in a research note on Wednesday, August 9th. KeyCorp reiterated a hold rating on shares of Select Comfort Corporation in a research note on Friday, September 29th. Raymond James Financial, Inc. upgraded Select Comfort Corporation from a market perform rating to an outperform rating and set a $35.00 price target on the stock in a research note on Monday, October 2nd. Piper Jaffray Companies set a $38.00 price target on Select Comfort Corporation and gave the company a buy rating in a research note on Wednesday, October 11th. Finally, Bank of America Corporation set a $33.00 price target on Select Comfort Corporation and gave the company a hold rating in a research note on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $30.67.
Shares of Select Comfort Corporation (NASDAQ:SCSS) traded up $0.63 on Thursday, hitting $32.50. The stock had a trading volume of 1,068,300 shares, compared to its average volume of 1,100,000. Select Comfort Corporation has a one year low of $18.44 and a one year high of $36.74.
Select Comfort Corporation (NASDAQ:SCSS) last issued its quarterly earnings results on Tuesday, October 17th. The company reported $0.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.06). Select Comfort Corporation had a net margin of 4.34% and a return on equity of 51.12%. The business had revenue of $402.64 million during the quarter, compared to the consensus estimate of $413.89 million. During the same quarter in the previous year, the business posted $0.56 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis.
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Select Comfort Corporation declared that its Board of Directors has approved a stock buyback program on Tuesday, October 17th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Select Comfort Corporation news, SVP Mark A. Kimball sold 8,000 shares of Select Comfort Corporation stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $30.00, for a total transaction of $240,000.00. Following the transaction, the senior vice president now directly owns 64,186 shares of the company’s stock, valued at approximately $1,925,580. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joseph Hunter Saklad sold 5,100 shares of Select Comfort Corporation stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $33.24, for a total value of $169,524.00. Following the transaction, the senior vice president now directly owns 39,550 shares in the company, valued at $1,314,642. The disclosure for this sale can be found here. Insiders have sold a total of 25,100 shares of company stock worth $802,234 over the last ninety days. Company insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in SCSS. UBS Asset Management Americas Inc. acquired a new position in Select Comfort Corporation during the 1st quarter worth about $425,000. Karp Capital Management Corp acquired a new position in Select Comfort Corporation during the 1st quarter worth about $249,000. Victory Capital Management Inc. acquired a new position in Select Comfort Corporation during the 1st quarter worth about $107,000. Wellington Management Group LLP lifted its holdings in Select Comfort Corporation by 26.9% during the 1st quarter. Wellington Management Group LLP now owns 182,057 shares of the company’s stock worth $4,513,000 after buying an additional 38,606 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its holdings in Select Comfort Corporation by 6.7% during the 1st quarter. TIAA CREF Investment Management LLC now owns 205,656 shares of the company’s stock worth $5,098,000 after buying an additional 12,959 shares during the period.
About Select Comfort Corporation
Select Comfort Corporation is a designer, manufacturer, marketer, retailer and servicer of a line of Sleep Number beds. The Company offers consumers individualized sleep solutions and services, which include a complete line of Sleep Number beds, bases and bedding accessories. Its Sleep Number bed offers SleepIQ technology sensors that work directly with the bed’s DualAir technology to track each individual’s sleep.
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