Rent-A-Center Inc (NASDAQ:RCII) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 4,191,700 shares, a decrease of 13.0% from the June 30th total of 4,816,200 shares. Currently, 8.0% of the shares of the company are sold short. Based on an average daily volume of 1,010,000 shares, the days-to-cover ratio is presently 4.2 days.
In related news, EVP Catherine M. Skula sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $24.45, for a total transaction of $122,250.00. Following the completion of the transaction, the executive vice president now directly owns 32,090 shares in the company, valued at approximately $784,600.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.81% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in RCII. Renaissance Technologies LLC raised its stake in shares of Rent-A-Center by 88.2% in the 2nd quarter. Renaissance Technologies LLC now owns 4,123,524 shares of the company’s stock valued at $109,809,000 after buying an additional 1,932,000 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Rent-A-Center in the 2nd quarter valued at $31,943,000. SG Capital Management LLC acquired a new stake in shares of Rent-A-Center during the 2nd quarter worth about $23,107,000. Morgan Stanley increased its position in shares of Rent-A-Center by 98.5% during the 2nd quarter. Morgan Stanley now owns 1,376,219 shares of the company’s stock worth $36,649,000 after purchasing an additional 682,982 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Rent-A-Center by 9.6% during the 2nd quarter. Vanguard Group Inc. now owns 7,009,175 shares of the company’s stock worth $186,654,000 after purchasing an additional 615,484 shares in the last quarter. Institutional investors own 97.39% of the company’s stock.
Shares of RCII stock traded down $1.17 during mid-day trading on Thursday, reaching $26.13. The company’s stock had a trading volume of 743,852 shares, compared to its average volume of 1,294,936. Rent-A-Center has a 1-year low of $11.98 and a 1-year high of $28.25. The company has a market cap of $1.49 billion, a P/E ratio of 24.65 and a beta of 0.43. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.82 and a current ratio of 2.55. The firm’s 50-day moving average is $26.77 and its two-hundred day moving average is $23.05.
Rent-A-Center (NASDAQ:RCII) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. Rent-A-Center had a net margin of 4.40% and a return on equity of 32.63%. The company had revenue of $655.90 million during the quarter, compared to analysts’ expectations of $642.86 million. During the same quarter in the prior year, the company posted $0.47 EPS. The business’s revenue was up .0% on a year-over-year basis. Sell-side analysts anticipate that Rent-A-Center will post 2.26 EPS for the current year.
RCII has been the subject of several research analyst reports. Janney Montgomery Scott upgraded shares of Rent-A-Center from a “neutral” rating to a “buy” rating in a research note on Thursday, August 8th. BidaskClub upgraded shares of Rent-A-Center from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd. ValuEngine cut shares of Rent-A-Center from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. TheStreet upgraded shares of Rent-A-Center from a “c” rating to a “b-” rating in a research note on Tuesday, May 7th. Finally, Raymond James upgraded shares of Rent-A-Center from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $25.00 to $27.00 in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $21.80.
Rent-A-Center Company Profile
Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a rent-to-own basis. The company operates through four segments: Core U.S., Acceptance Now, Mexico, and Franchising. It offers durable products, such as consumer electronics; appliances; computers, including tablets; smartphones; wheels and tires; and furniture, including accessories under rental purchase agreements.
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