BidaskClub Downgrades Conn’s, Inc. (CONN) to Hold
Conn’s, Inc. (NASDAQ:CONN) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
CONN has been the subject of several other reports. KeyCorp raised Conn’s from a “sector weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research note on Tuesday, April 25th. Zacks Investment Research downgraded Conn’s from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 3rd. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price objective (up from $19.00) on shares of Conn’s in a research note on Wednesday, June 7th. ValuEngine raised Conn’s from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Conn’s in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Conn’s presently has an average rating of “Hold” and an average target price of $22.50.
Conn’s (NASDAQ CONN) opened at 18.35 on Friday. The firm’s market cap is $569.09 million. Conn’s has a 52-week low of $6.55 and a 52-week high of $23.75. The firm’s 50 day moving average price is $20.57 and its 200 day moving average price is $15.12.
Conn’s (NASDAQ:CONN) last announced its quarterly earnings results 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. The business had revenue of $355.80 million for the quarter, compared to analyst estimates of $357.53 million. Conn’s had a negative return on equity of 0.72% and a negative net margin of 1.18%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.31) earnings per share. Equities research analysts anticipate that Conn’s will post $0.49 EPS for the current fiscal year.
In other news, Director James H. Haworth sold 7,392 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $19.34, for a total value of $142,961.28. Following the completion of the sale, the director now directly owns 4,425 shares of the company’s stock, valued at $85,579.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas H. Martin acquired 10,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was bought at an average cost of $17.83 per share, with a total value of $178,300.00. The disclosure for this purchase can be found here. Corporate insiders own 3.48% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. American International Group Inc. increased its stake in shares of Conn’s by 7.1% in the first quarter. American International Group Inc. now owns 12,501 shares of the specialty retailer’s stock worth $109,000 after buying an additional 830 shares during the last quarter. ClariVest Asset Management LLC acquired a new stake in shares of Conn’s during the second quarter worth approximately $114,000. Metropolitan Life Insurance Co. NY increased 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 worth $204,000 after buying an additional 14,421 shares during the last quarter. Voya Investment Management LLC acquired a new stake in shares of Conn’s during the second quarter worth approximately $215,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Conn’s during the second quarter worth approximately $258,000. 63.74% of the stock is owned by 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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