Conn’s Sees Unusually High Options Volume (CONN)
Conn’s, Inc. (NASDAQ:CONN) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 3,036 put options on the company. This represents an increase of approximately Infinity compared to the typical volume of 0 put options.
A number of analysts have commented on the stock. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Conn’s in a research note on Tuesday, October 24th. Stifel Nicolaus lowered shares of Conn’s from a “buy” rating to a “hold” rating and upped their price objective for the company from $26.00 to $30.00 in a research note on Monday, October 9th. Zacks Investment Research lowered shares of Conn’s from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub raised shares of Conn’s from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 24th. Finally, UBS Group AG (USA) raised shares of Conn’s from a “market perform” rating to an “outperform” rating in a research note on Friday, September 29th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $33.33.
Conn’s (NASDAQ CONN) opened at $30.55 on Friday. The company has a quick ratio of 4.70, a current ratio of 5.80 and a debt-to-equity ratio of 2.02. The firm has a market capitalization of $965.85 million, a P/E ratio of 171.94, a P/E/G ratio of 2.95 and a beta of 1.87.
Conn’s (NASDAQ:CONN) last announced its earnings results on Thursday, September 7th. The specialty retailer reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.28. Conn’s had a positive return on equity of 1.08% and a negative net margin of 0.14%. The company had revenue of $366.65 million for the quarter, compared to analysts’ expectations of $371.97 million. During the same period last year, the firm earned ($0.04) EPS. Conn’s’s revenue for the quarter was down 7.9% compared to the same quarter last year. equities research analysts forecast that Conn’s will post 0.57 earnings per share for the current fiscal year.
In other Conn’s news, major shareholder Harriet C. Stephens acquired 42,000 shares of Conn’s stock in a transaction dated Friday, October 13th. The stock was bought at an average price of $25.40 per share, for a total transaction of $1,066,800.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Harriet C. Stephens acquired 23,000 shares of Conn’s stock in a transaction dated Monday, October 16th. The shares were acquired at an average price of $25.50 per share, with a total value of $586,500.00. The disclosure for this purchase can be found here. Corporate insiders own 3.48% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CONN. Northpointe Capital LLC bought a new position in Conn’s in the 2nd quarter worth $5,052,000. Acadian Asset Management LLC purchased a new stake in Conn’s in the 2nd quarter worth $4,766,000. EAM Investors LLC purchased a new stake in Conn’s in the 2nd quarter worth $4,168,000. Prudential Financial Inc. purchased a new stake in Conn’s in the 3rd quarter worth $6,050,000. Finally, State Street Corp increased its stake in Conn’s by 45.9% in the 2nd quarter. State Street Corp now owns 566,793 shares of the specialty retailer’s stock worth $10,828,000 after buying an additional 178,277 shares in the last quarter. 70.88% of the stock is currently owned by institutional investors.
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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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