Conn’s (CONN) Trading Down 7.3%

Conn’s Inc (NASDAQ:CONN) dropped 7.3% on Thursday . The stock traded as low as $28.78 and last traded at $29.71. Approximately 716,552 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 490,236 shares. The stock had previously closed at $32.05.

CONN has been the topic of several recent analyst reports. Jefferies Financial Group initiated coverage on Conn’s in a report on Thursday, August 16th. They issued a “buy” rating and a $44.00 price target on the stock. Zacks Investment Research upgraded Conn’s from a “hold” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a report on Friday, September 7th. ValuEngine upgraded Conn’s from a “hold” rating to a “buy” rating in a report on Wednesday, August 22nd. Compass Point reissued a “hold” rating and issued a $38.50 price objective on shares of Conn’s in a research note on Friday, August 17th. Finally, KeyCorp increased their price objective on Conn’s from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Conn’s has an average rating of “Buy” and a consensus price target of $42.50.

The company has a market capitalization of $941.37 million, a PE ratio of 31.57, a P/E/G ratio of 0.53 and a beta of 1.78. The company has a debt-to-equity ratio of 1.61, a current ratio of 4.83 and a quick ratio of 3.86.

Conn’s (NASDAQ:CONN) last announced its quarterly earnings data on Tuesday, September 4th. The specialty retailer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Conn’s had a return on equity of 10.05% and a net margin of 2.25%. The company had revenue of $384.60 million for the quarter, compared to analysts’ expectations of $383.96 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Conn’s’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Conn’s Inc will post 2.45 earnings per share for the current fiscal year.

In related news, Director David Schofman sold 2,000 shares of the stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $36.50, for a total value of $73,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.34% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CONN. Fox Run Management L.L.C. raised its position in shares of Conn’s by 175.2% during the 3rd quarter. Fox Run Management L.L.C. now owns 16,708 shares of the specialty retailer’s stock valued at $591,000 after buying an additional 10,636 shares during the period. Northern Trust Corp raised its position in shares of Conn’s by 64.5% during the 2nd quarter. Northern Trust Corp now owns 410,607 shares of the specialty retailer’s stock valued at $13,550,000 after buying an additional 160,998 shares during the period. Millennium Management LLC raised its position in shares of Conn’s by 485.0% during the 2nd quarter. Millennium Management LLC now owns 664,210 shares of the specialty retailer’s stock valued at $21,919,000 after buying an additional 550,663 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Conn’s by 24,061.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,141 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 3,128 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in shares of Conn’s during the 2nd quarter valued at approximately $488,000. 67.10% of the stock is currently owned by institutional investors and hedge funds.

About Conn’s (NASDAQ:CONN)

Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. The company operates through two segments, Retail and Credit. Its stores provide furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges; consumer electronics comprising televisions, Blu-ray players, home theaters, and portable audio equipment; and home office products consisting of computers, printers, and accessories.

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