Zacks Investment Research Lowers Conn’s, Inc. (CONN) to Hold
Conn’s, Inc. (NASDAQ:CONN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Several other research firms have also issued reports on CONN. Stifel Nicolaus lowered shares of Conn’s from a “buy” rating to a “hold” rating and raised their price target for the stock from $26.00 to $30.00 in a report on Monday, October 9th. SunTrust Banks, Inc. restated a “buy” rating and set a $33.00 price target on shares of Conn’s in a report on Thursday, October 19th. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Conn’s in a report on Tuesday, October 24th. UBS AG upgraded shares of Conn’s from a “market perform” rating to an “outperform” rating in a report on Friday, September 29th. Finally, KeyCorp restated an “overweight” rating and set a $42.00 price target (up previously from $24.00) on shares of Conn’s in a report on Wednesday, October 18th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $33.33.
Shares of Conn’s (CONN) traded down $0.75 during midday trading on Tuesday, reaching $29.95. 452,969 shares of the company were exchanged, compared to its average volume of 618,463. The company has a current ratio of 5.80, a quick ratio of 4.70 and a debt-to-equity ratio of 2.02. Conn’s has a 1-year low of $7.75 and a 1-year high of $32.90. The company has a market cap of $931.53, a price-to-earnings ratio of 169.72, a PEG ratio of 2.91 and a beta of 1.87.
Conn’s (NASDAQ:CONN) last released its quarterly earnings results on Thursday, September 7th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $366.65 million during the quarter, compared to analyst estimates of $371.97 million. During the same quarter last year, the business earned ($0.04) EPS. The company’s revenue was down 7.9% compared to the same quarter last year. analysts predict that Conn’s will post 0.57 EPS for the current year.
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In related news, major shareholder Harriet C. Stephens acquired 42,000 shares of the stock in a transaction dated Friday, October 13th. The stock was bought at an average price of $25.40 per share, for a total transaction of $1,066,800.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Harriet C. Stephens acquired 23,000 shares of the stock in a transaction dated Monday, October 16th. The stock was bought 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. Insiders own 3.48% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Conn’s by 45.9% in the 2nd 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. Royce & Associates LP increased its stake in shares of Conn’s by 3.4% in the 2nd quarter. Royce & Associates LP now owns 429,411 shares of the specialty retailer’s stock valued at $8,202,000 after acquiring an additional 14,075 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Conn’s by 269.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 426,473 shares of the specialty retailer’s stock valued at $12,005,000 after acquiring an additional 311,178 shares in the last quarter. Luzich Partners LLC increased its stake in shares of Conn’s by 3.8% in the 2nd quarter. Luzich Partners LLC now owns 305,822 shares of the specialty retailer’s stock valued at $5,841,000 after acquiring an additional 11,210 shares in the last quarter. Finally, Northpointe Capital LLC bought a new stake in shares of Conn’s in the 2nd quarter valued at $5,052,000. Institutional investors own 70.87% of the company’s stock.
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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