SunTrust Banks, Inc. Reaffirms “Buy” Rating for Conn’s, Inc. (CONN)
SunTrust Banks, Inc. reissued their buy rating on shares of Conn’s, Inc. (NASDAQ:CONN) in a report issued on Thursday. The firm currently has a $33.00 price objective on the specialty retailer’s stock. SunTrust Banks also issued estimates for Conn’s’ FY2019 earnings at $1.50 EPS.
A number of other research firms also recently issued reports on CONN. Stifel Nicolaus downgraded shares of Conn’s from a buy rating to a hold rating and raised their price objective for the stock from $26.00 to $30.00 in a report on Monday, October 9th. UBS AG upgraded shares of Conn’s from a market perform rating to an outperform rating in a research note on Friday, September 29th. Oppenheimer Holdings, Inc. upgraded shares of Conn’s from a market perform rating to a buy rating and set a $40.00 target price for the company in a research note on Friday, September 29th. KeyCorp reiterated an overweight rating and issued a $42.00 target price (up previously from $24.00) on shares of Conn’s in a research note on Wednesday. Finally, TheStreet upgraded shares of Conn’s from a d+ rating to a c rating in a research note on Thursday, September 7th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $33.33.
Shares of Conn’s (CONN) traded down 1.60% on Thursday, reaching $27.60. 594,097 shares of the company were exchanged. The company’s 50 day moving average is $24.44 and its 200 day moving average is $19.52. The firm’s market capitalization is $861.31 million. Conn’s has a 12-month low of $7.75 and a 12-month high of $28.75.
Conn’s (NASDAQ:CONN) last posted its quarterly earnings data on Thursday, September 7th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.28. Conn’s had a negative net margin of 0.14% and a positive return on equity of 1.08%. The business had revenue of $366.65 million during the quarter, compared to the consensus estimate of $371.97 million. During the same quarter last year, the company posted ($0.04) earnings per share. The firm’s quarterly revenue was down 7.9% compared to the same quarter last year. Analysts forecast that Conn’s will post $0.74 earnings per share for the current year.
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In other Conn’s news, major shareholder Harriet C. Stephens bought 42,000 shares of Conn’s stock in a transaction dated Friday, October 13th. The stock was purchased at an average price of $25.40 per share, for a total transaction of $1,066,800.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Harriet C. Stephens bought 23,000 shares of Conn’s stock in a transaction dated Monday, October 16th. The stock was acquired at an average price of $25.50 per share, with a total value of $586,500.00. The disclosure for this purchase can be found here. 3.48% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of CONN. Northpointe Capital LLC purchased a new position in Conn’s during the second quarter valued at approximately $5,052,000. Acadian Asset Management LLC purchased a new position in Conn’s during the second quarter valued at approximately $4,766,000. EAM Investors LLC purchased a new position in Conn’s during the second quarter valued at approximately $4,168,000. Royce & Associates LP grew its stake in Conn’s by 108.3% during the first quarter. Royce & Associates LP now owns 415,336 shares of the specialty retailer’s stock valued at $3,634,000 after acquiring an additional 215,900 shares in the last quarter. Finally, State Street Corp grew its stake in Conn’s by 45.9% during the second quarter. State Street Corp now owns 566,793 shares of the specialty retailer’s stock valued at $10,828,000 after acquiring an additional 178,277 shares in the last quarter. 70.97% of the stock is owned by institutional investors.
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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