Conn’s, Inc. (NASDAQ:CONN) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Conn’s, Inc. (NASDAQ:CONN) from a strong-buy rating to a hold rating in a report issued on Monday, July 3rd.

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. “

Other analysts have also issued research reports about the stock. ValuEngine raised shares of Conn’s from a sell rating to a hold rating in a report on Friday, June 2nd. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Conn’s in a report on Tuesday, June 20th. Stifel Nicolaus reissued a buy rating and issued a $20.00 price target (up previously from $19.00) on shares of Conn’s in a report on Wednesday, June 7th. Finally, KeyCorp raised shares of Conn’s from a sector weight rating to an overweight rating and set a $22.00 price target for the company in a report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Conn’s presently has a consensus rating of Buy and an average target price of $22.50.

Shares of Conn’s (NASDAQ CONN) traded down 1.53% during midday trading on Monday, reaching $22.60. The company’s stock had a trading volume of 651,972 shares. The firm’s market capitalization is $700.92 million. The firm’s 50 day moving average is $19.38 and its 200 day moving average is $14.13. Conn’s has a 52 week low of $6.54 and a 52 week high of $23.75.

Conn’s (NASDAQ:CONN) last posted its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.17. Conn’s had a negative net margin of 1.18% and a negative return on equity of 0.72%. The firm had revenue of $355.80 million during the quarter, compared to analyst estimates of $357.53 million. During the same quarter in the prior year, the business posted ($0.31) earnings per share. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities analysts forecast that Conn’s will post $0.49 EPS for the current fiscal year.

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In related news, major shareholder W. R. Jr. Stephens acquired 12,000 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The shares were acquired at an average cost of $18.85 per share, for a total transaction of $226,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Douglas H. Martin acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were bought at an average price of $17.83 per share, for a total transaction of $178,300.00. The disclosure for this purchase can be found here. Company insiders own 3.48% of the company’s stock.

Large investors have recently modified their holdings of the company. American International Group Inc. raised 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 valued at $109,000 after buying an additional 830 shares during the last quarter. Metropolitan Life Insurance Co. NY raised 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 last quarter. Lebenthal Lisanti Capital Growth LLC acquired a new stake in shares of Conn’s during the second quarter valued at about $640,000. American Assets Investment Management LLC raised 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 last quarter. Finally, Putnam Investments LLC acquired a new stake in shares of Conn’s during the fourth quarter valued at about $521,000. Institutional investors and hedge funds own 61.31% of the company’s stock.

About Conn’s

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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