Zacks Investment Research Downgrades Conn’s (CONN) to Hold
Zacks Investment Research cut shares of Conn’s (NASDAQ:CONN) from a buy rating to a hold rating in a report issued on Tuesday morning.
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. “
A number of other research firms have also weighed in on CONN. BidaskClub upgraded Conn’s from a sell rating to a hold rating in a report on Thursday, June 7th. Stifel Nicolaus upgraded Conn’s from a hold rating to a buy rating and raised their target price for the company from $35.00 to $45.00 in a report on Tuesday, July 10th. KeyCorp raised their target price on Conn’s from $42.00 to $45.00 and gave the company an overweight rating in a report on Tuesday, July 10th. Finally, ValuEngine upgraded Conn’s from a hold rating to a buy rating in a report on Friday, June 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of Buy and an average price target of $40.94.
Conn’s (NASDAQ:CONN) last announced its quarterly earnings results on Monday, June 4th. The specialty retailer reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.13. Conn’s had a return on equity of 8.37% and a net margin of 1.43%. The business had revenue of $358.40 million for the quarter, compared to analyst estimates of $355.10 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. equities research analysts anticipate that Conn’s will post 2.24 earnings per share for the current year.
In other news, Director Bob L. Martin sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $37.50, for a total value of $300,000.00. Following the transaction, the director now owns 49,265 shares in the company, valued at $1,847,437.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bob L. Martin sold 6,000 shares of the stock in a transaction that occurred on Friday, July 13th. The shares were sold at an average price of $37.74, for a total value of $226,440.00. Following the sale, the director now directly owns 59,865 shares of the company’s stock, valued at $2,259,305.10. The disclosure for this sale can be found here. Insiders sold 15,000 shares of company stock worth $563,190 in the last 90 days. Corporate insiders own 3.34% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its position in shares of Conn’s by 24,061.5% during the second quarter. Tower Research Capital LLC TRC now owns 3,141 shares of the specialty retailer’s stock valued at $104,000 after acquiring an additional 3,128 shares during the last quarter. NumerixS Investment Technologies Inc increased its position in shares of Conn’s by 1,900.0% during the second quarter. NumerixS Investment Technologies Inc now owns 4,000 shares of the specialty retailer’s stock valued at $131,000 after acquiring an additional 3,800 shares during the last quarter. Two Sigma Investments LP purchased a new stake in shares of Conn’s during the fourth quarter valued at approximately $229,000. Cypress Capital Management LLC WY purchased a new stake in shares of Conn’s during the first quarter valued at approximately $252,000. Finally, Guggenheim Capital LLC purchased a new stake in shares of Conn’s during the first quarter valued at approximately $255,000. 68.34% of the stock is owned by institutional investors.
Conn’s Company Profile
Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. The company operates through two segments, Retail and Credit. Its stores provide furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges; consumer electronics comprising televisions, Blu-ray players, home theaters, and portable audio equipment; and home office products consisting of computers, printers, and accessories.
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