Conn’s, Inc. (CONN) Announces Quarterly Earnings Results, Beats Estimates By $0.28 EPS
Conn’s, Inc. (NASDAQ:CONN) issued its quarterly earnings results on Thursday. The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.28, Bloomberg Earnings reports. Conn’s had a negative net margin of 1.18% and a negative return on equity of 0.72%. The firm had revenue of $366.65 million during the quarter, compared to analyst estimates of $371.97 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. Conn’s’s revenue for the quarter was down 7.9% compared to the same quarter last year.
Shares of Conn’s (NASDAQ CONN) opened at 21.75 on Friday. The firm’s 50-day moving average is $20.44 and its 200 day moving average is $15.95. The stock’s market capitalization is $674.53 million. Conn’s has a 1-year low of $7.75 and a 1-year high of $23.75.
Several brokerages recently commented on CONN. Zacks Investment Research lowered shares of Conn’s from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 3rd. Stephens reaffirmed an “overweight” rating and set a $28.00 price target (up previously from $25.00) on shares of Conn’s in a research report on Monday, July 17th. Stifel Nicolaus reaffirmed a “buy” rating and set a $20.00 price target (up previously from $19.00) on shares of Conn’s in a research report on Wednesday, June 7th. BidaskClub raised shares of Conn’s from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Conn’s in a research report on Tuesday, June 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $22.50.
In other Conn’s news, major shareholder W. R. Jr. Stephens acquired 12,000 shares of the business’s stock in a transaction that occurred on Friday, July 14th. The shares were purchased at an average price of $18.85 per share, with a total value of $226,200.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James H. Haworth sold 7,392 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $19.34, for a total transaction of $142,961.28. Following the transaction, the director now directly owns 4,425 shares in the company, valued at approximately $85,579.50. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. ClariVest Asset Management LLC bought a new position in Conn’s during the second quarter valued at approximately $114,000. Voya Investment Management LLC bought a new position in Conn’s during the second quarter valued at approximately $215,000. American International Group Inc. raised its position 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 valued at $109,000 after purchasing an additional 830 shares during the period. GSA Capital Partners LLP bought a new position in shares of Conn’s in the second quarter valued at approximately $258,000. Finally, Wells Fargo & Company MN raised its position in shares of Conn’s by 2.5% in the second quarter. Wells Fargo & Company MN now owns 16,192 shares of the specialty retailer’s stock valued at $310,000 after purchasing an additional 400 shares during the period. 71.41% of the stock is currently owned by hedge funds and other 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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