Zacks Investment Research Upgrades Aaron’s (NYSE:AAN) to Buy

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Aaron’s (NYSE:AAN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports. The brokerage currently has a $72.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 4.00% from the company’s previous close.

According to Zacks, “Shares of Aaron’s have outpaced the industry in a year buoyed by Progressive business that is gaining from robust invoice volume growth and solid customer base. A reflection of this was seen in second-quarter 2019, which aided top and bottom line growth. Earnings also beat the consensus mark. Further, robust quarterly performance prompted management to lift 2019 view. The company is witnessing positive trends in Aaron’s business on the back of transformation initiatives. This growth is likely to sustain through investments to improve customer experience, operating efficiency and compliance. Enhanced omni-channel capabilities and acquisition of franchised stores are also aiding the unit’s performance. However, EBITDA and operating expenses were impacted by write-offs. Lower active door count and stiff competition cannot be ignored.”

AAN has been the subject of several other reports. ValuEngine cut Aaron’s from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. KeyCorp increased their price objective on Aaron’s from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Bank of America started coverage on Aaron’s in a research report on Thursday, September 26th. They issued a “buy” rating and a $75.00 price objective for the company. Raymond James set a $72.00 price objective on Aaron’s and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Loop Capital increased their price objective on Aaron’s to $70.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $72.63.

Shares of AAN stock opened at $69.23 on Monday. Aaron’s has a 12 month low of $39.28 and a 12 month high of $70.14. The company has a quick ratio of 0.62, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $62.98 and its two-hundred day moving average is $59.85. The company has a market cap of $4.65 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48.

Aaron’s (NYSE:AAN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. Aaron’s had a return on equity of 14.34% and a net margin of 5.20%. The company had revenue of $968.14 million during the quarter, compared to analysts’ expectations of $966.50 million. During the same period in the prior year, the business earned $0.84 earnings per share. Aaron’s’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts expect that Aaron’s will post 3.95 EPS for the current fiscal year.

In other Aaron’s news, Director Kelly Hefner Barrett bought 2,000 shares of the stock in a transaction dated Monday, July 29th. The stock was bought at an average cost of $63.33 per share, for a total transaction of $126,660.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John W. Robinson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $62.09, for a total value of $931,350.00. Following the completion of the sale, the chief executive officer now owns 295,933 shares of the company’s stock, valued at $18,374,479.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,758 shares of company stock valued at $1,349,246. 2.78% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Aaron’s by 0.9% in the second quarter. Vanguard Group Inc. now owns 6,860,993 shares of the company’s stock worth $421,335,000 after purchasing an additional 59,051 shares during the period. Price T Rowe Associates Inc. MD increased its position in Aaron’s by 8.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,425,071 shares of the company’s stock worth $333,154,000 after purchasing an additional 421,510 shares during the period. Northern Trust Corp increased its position in Aaron’s by 1.5% in the second quarter. Northern Trust Corp now owns 1,679,866 shares of the company’s stock worth $103,161,000 after purchasing an additional 24,483 shares during the period. Nuveen Asset Management LLC increased its position in Aaron’s by 90.1% in the second quarter. Nuveen Asset Management LLC now owns 1,547,777 shares of the company’s stock worth $95,049,000 after purchasing an additional 733,735 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in Aaron’s by 7.0% in the second quarter. Stephens Investment Management Group LLC now owns 1,377,620 shares of the company’s stock worth $84,600,000 after purchasing an additional 89,832 shares during the period. Hedge funds and other institutional investors own 96.85% of the company’s stock.

Aaron’s Company Profile

Aaron's, Inc operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. It operates in three segments: Progressive Leasing, Aaron's Business, and DAMI. The company also engages in the sale, lease ownership, and specialty retailing of furniture, consumer electronics, home appliances, and accessories.

See Also: Forex

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Analyst Recommendations for Aaron`s (NYSE:AAN)

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