Stock Traders Purchase High Volume of Conn’s Put Options (CONN)

Conn’s Inc (NASDAQ:CONN) was the recipient of some unusual options trading on Thursday. Investors acquired 2,425 put options on the stock. This is an increase of 3,574% compared to the typical volume of 66 put options.

Several research firms have recently commented on CONN. BidaskClub lowered Conn’s from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Stephens lowered their target price on Conn’s to $33.00 and set an “overweight” rating for the company in a report on Wednesday, December 5th. Zacks Investment Research lowered Conn’s from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 4th. ValuEngine lowered Conn’s from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Finally, Compass Point raised Conn’s from a “neutral” rating to a “buy” rating and set a $29.00 target price for the company in a report on Monday, December 10th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Conn’s has a consensus rating of “Hold” and an average target price of $39.50.

NASDAQ:CONN opened at $19.34 on Friday. The company has a market cap of $603.47 million, a PE ratio of 8.97, a P/E/G ratio of 0.36 and a beta of 2.05. Conn’s has a 52 week low of $17.00 and a 52 week high of $42.65. The company has a debt-to-equity ratio of 1.57, a current ratio of 4.57 and a quick ratio of 3.55.

Conn’s (NASDAQ:CONN) last issued its quarterly earnings data on Tuesday, December 4th. The specialty retailer reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. Conn’s had a return on equity of 12.17% and a net margin of 3.09%. The business had revenue of $373.80 million during the quarter, compared to analyst estimates of $383.59 million. During the same period in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts anticipate that Conn’s will post 2.31 EPS for the current year.

In related news, insider Brian Daly bought 4,200 shares of the stock in a transaction dated Thursday, December 6th. The stock was bought at an average cost of $23.05 per share, with a total value of $96,810.00. Following the completion of the acquisition, the insider now owns 58,533 shares of the company’s stock, valued at $1,349,185.65. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.34% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of CONN. Bowling Portfolio Management LLC acquired a new position in shares of Conn’s in the fourth quarter worth $657,000. Vanguard Group Inc increased its stake in shares of Conn’s by 5.8% in the third quarter. Vanguard Group Inc now owns 1,443,047 shares of the specialty retailer’s stock worth $51,011,000 after acquiring an additional 78,920 shares during the last quarter. Federated Investors Inc. PA increased its stake in shares of Conn’s by 1,095.9% in the third quarter. Federated Investors Inc. PA now owns 24,539 shares of the specialty retailer’s stock worth $867,000 after acquiring an additional 22,487 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Conn’s in the third quarter worth $4,071,000. Finally, Vanguard Group Inc. increased its stake in shares of Conn’s by 5.8% in the third quarter. Vanguard Group Inc. now owns 1,443,047 shares of the specialty retailer’s stock worth $51,011,000 after acquiring an additional 78,920 shares during the last quarter. 68.52% of the stock is owned by institutional investors and hedge funds.

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Conn’s Company Profile

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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