Point72 Asset Management L.P. Boosts Stake in Conn’s, Inc. (NASDAQ:CONN)
Point72 Asset Management L.P. raised its stake in Conn’s, Inc. (NASDAQ:CONN) by 77.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 400,000 shares of the specialty retailer’s stock after buying an additional 174,600 shares during the period. Point72 Asset Management L.P. owned approximately 1.29% of Conn’s worth $3,500,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. American International Group Inc. increased its position in Conn’s by 7.1% in the first quarter. American International Group Inc. now owns 12,501 shares of the specialty retailer’s stock valued at $109,000 after buying an additional 830 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Conn’s by 839.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 16,138 shares of the specialty retailer’s stock valued at $204,000 after buying an additional 14,421 shares during the period. American Assets Investment Management LLC boosted its stake in shares of Conn’s by 33.3% in the first quarter. American Assets Investment Management LLC now owns 40,000 shares of the specialty retailer’s stock valued at $350,000 after buying an additional 10,000 shares during the period. Hodges Capital Management Inc. boosted its stake in shares of Conn’s by 66.7% in the first quarter. Hodges Capital Management Inc. now owns 50,000 shares of the specialty retailer’s stock valued at $437,000 after buying an additional 20,000 shares during the period. Finally, Putnam Investments LLC purchased a new stake in shares of Conn’s during the fourth quarter valued at about $521,000. Institutional investors and hedge funds own 62.48% of the company’s stock.
Shares of Conn’s, Inc. (CONN) traded up 0.23% during trading on Thursday, reaching $21.60. The company’s stock had a trading volume of 242,686 shares. The stock has a 50 day moving average of $19.51 and a 200-day moving average of $14.28. Conn’s, Inc. has a 1-year low of $6.54 and a 1-year high of $23.75. The company’s market capitalization is $669.90 million.
Conn’s (NASDAQ:CONN) last posted its quarterly earnings data on Tuesday, June 6th. The specialty retailer reported ($0.05) earnings per share (EPS) for the quarter, topping the 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 business had revenue of $355.80 million for the quarter, compared to analysts’ expectations of $357.53 million. During the same quarter last year, the firm earned ($0.31) earnings per share. The business’s revenue was down 8.6% on a year-over-year basis. On average, analysts expect that Conn’s, Inc. will post $0.49 earnings per share for the current year.
Several analysts have recently issued reports on the company. BidaskClub raised Conn’s from a “buy” rating to a “strong-buy” rating in a report on Monday, July 24th. Stephens restated an “overweight” rating and set a $28.00 price target (up previously from $25.00) on shares of Conn’s in a report on Monday, July 17th. Zacks Investment Research upgraded Conn’s from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Tuesday, July 11th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Conn’s in a report on Tuesday, June 20th. Finally, Stifel Nicolaus restated a “buy” rating and set a $20.00 price target (up previously from $19.00) on shares of Conn’s in a report on Wednesday, June 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Conn’s has a consensus rating of “Buy” and an average target price of $22.50.
In other news, major shareholder W. R. Jr. Stephens bought 12,000 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The shares were acquired at an average cost of $18.85 per share, with a total value of $226,200.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Douglas H. Martin bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was purchased at an average cost of $17.83 per share, for a total transaction of $178,300.00. The disclosure for this purchase can be found here. 3.48% of the stock is owned by company insiders.
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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