Luxor Capital Reports New Passive Stake in CONN’s Inc (CONN)

According to a new filing with the Securities and Exchange Commission, Luxor Capital Group, LP, led by Christian Leone, has initiated a position in CONN’S, Inc. (NASDAQ:CONN), revealing ownership of around 2.0 million shares. In this way, the stake held by Luxor Capital amasses 5.6% of the company’s outstanding common stock.

Christian Leone

CONN’S, Inc. (NASDAQ:CONN) is a specialty retailer in consumer electronics, operating about 80 retail locations across Texas, Louisiana, Oklahoma, New Mexico, and Arizona. For the fourth quarter ended January 2014, the company announced its preliminary financial results and recorded an increase of 44.8% year on in revenues to $301.6 million. It expects to generate EPS between $0.76 and $0.81 for the same period, lower than consensus estimates of $0.93 per share. For the fiscal year ending January 31, 2015, the company expects earnings per share of $3.40 to $3.70, estimated increase of 35.8% year on.

The company sports a trailing P/E of around 15.23 and has a beta of 1.32. Moreover, Zacks has a hold recommendation on the $1.3 billion (in terms of market cap) Texas-based retailer.

One of the largest stockholders of CONN’s Inc is Mark Broach’s Manatuck Hill Partners, which held 668,000 shares at the end of the fourth quarter of 2013. It is followed by Alexander Mitchell’s Scopus Asset Management, with approximately 590,000 shares, and John Murphy’s Alydar Capital, which held approximately 305,800 shares.

Luxor Capital Group was founded in 2002 by Christian Leone. The fund has a relatively balanced structure, with holdings in equity and fixed income investments throughout the world. Aside from using a value-based approach when choosing its stocks, Luxor Capital also has a penchant for distressed companies.

Luxor Capital has been active in the recent couple of months, reporting significant raises in its holdings. This month, the fund upped its stake in BJ’s Restaurants, Inc. (NASDAQ:BJRI), to 2.75 million shares. In February, the fund disclosed holding 5.4% in Nexstar Broadcasting Group, Inc. (NASDAQ:NXST), and it initiated a position in CBL & Associates Properties, Inc. (NYSE:CBL), owning 8.8 million shares.

According to the fund’s latest 13F, Luxor Capital is the largest shareholder in Ing Us Inc (NYSE:VOYA), with a stake valued in excess of $295.2 million. It is followed by Madison Square Garden Co (NASDAQ:MSG), of which it holds around 5.0 million shares valued at $287.6 million, and Cole Real Estate Investment (NYSE:COLE), in which it owns 18.9 million shares worth more than $265.7 million.

Disclosure: none

Recommended Reading:

FPR Partners Ups Its Stake in ViaSat, Inc. (VSAT)

SAC Capital Advisors Raises Stake in Walter Investment Management Corp (WAC)

Mason Hawkins’ Southeastern Ups Stake in Consol Energy (CNX)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!