Traders Buy Large Volume of Conn’s Put Options (CONN)
Conn’s, Inc. (NASDAQ:CONN) was the target of some unusual options trading on Wednesday. Stock investors purchased 3,036 put options on the stock. This represents an increase of Infinity compared to the typical volume of 0 put options.
Several equities research analysts recently issued reports on CONN shares. Oppenheimer Holdings, Inc. upgraded Conn’s from a “market perform” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Friday, September 29th. Zacks Investment Research upgraded Conn’s from a “hold” rating to a “strong-buy” rating and set a $27.00 target price for the company in a research note on Wednesday, September 13th. KeyCorp restated an “overweight” rating and set a $22.00 target price on shares of Conn’s in a research note on Tuesday, September 5th. Stephens restated an “overweight” rating and set a $28.00 target price (up from $25.00) on shares of Conn’s in a research note on Monday, July 17th. Finally, TheStreet upgraded Conn’s from a “d+” rating to a “c” rating in a research note on Thursday, September 7th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $33.33.
Shares of Conn’s (NASDAQ:CONN) opened at $30.55 on Friday. The company has a debt-to-equity ratio of 2.02, a current ratio of 5.80 and a quick ratio of 4.70. The company has a market capitalization of $965.85 million, a price-to-earnings ratio of 171.94, a price-to-earnings-growth ratio of 2.95 and a beta of 1.87.
Conn’s (NASDAQ:CONN) last posted its earnings results on Thursday, September 7th. The specialty retailer reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.28. Conn’s had a negative net margin of 0.14% and a positive return on equity of 1.08%. The company had revenue of $366.65 million for the quarter, compared to analysts’ expectations of $371.97 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Conn’s’s revenue for the quarter was down 7.9% compared to the same quarter last year. equities analysts forecast that Conn’s will post 0.57 EPS for the current fiscal year.
In related news, major shareholder Harriet C. Stephens purchased 23,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was acquired at an average cost of $25.50 per share, for a total transaction of $586,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Harriet C. Stephens purchased 42,000 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was bought at an average price of $25.40 per share, with a total value of $1,066,800.00. The disclosure for this purchase can be found here. Insiders own 3.48% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CONN. Northpointe Capital LLC acquired a new position in Conn’s in the second quarter valued at about $5,052,000. Acadian Asset Management LLC acquired a new position in Conn’s in the second quarter valued at about $4,766,000. EAM Investors LLC acquired a new position in Conn’s in the second quarter valued at about $4,168,000. Prudential Financial Inc. acquired a new position in Conn’s in the third quarter valued at about $6,050,000. Finally, State Street Corp lifted its position in Conn’s by 45.9% in the second quarter. State Street Corp now owns 566,793 shares of the specialty retailer’s stock valued at $10,828,000 after buying an additional 178,277 shares during the last quarter. 70.88% of the stock is currently owned by institutional investors.
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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