Traders Buy Large Volume of Conn’s Put Options (NASDAQ:CONN)

Conn’s Inc (NASDAQ:CONN) was the recipient of some unusual options trading on Tuesday. Stock traders bought 2,528 put options on the company. This is an increase of approximately 2,118% compared to the average volume of 114 put options.

In other Conn’s news, VP Todd Renaud sold 3,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $24.67, for a total value of $74,010.00. Following the transaction, the vice president now owns 35,141 shares of the company’s stock, valued at approximately $866,928.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Daly sold 8,700 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $27.00, for a total transaction of $234,900.00. Following the completion of the transaction, the insider now owns 47,482 shares in the company, valued at $1,282,014. The disclosure for this sale can be found here. Corporate insiders own 3.68% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CONN. New York State Teachers Retirement System lifted its stake in Conn’s by 61.1% during the 2nd quarter. New York State Teachers Retirement System now owns 15,552 shares of the specialty retailer’s stock valued at $277,000 after acquiring an additional 5,900 shares during the period. Creative Planning purchased a new position in shares of Conn’s during the 2nd quarter valued at about $178,000. SG Americas Securities LLC acquired a new position in shares of Conn’s in the 2nd quarter valued at about $168,000. Aperio Group LLC acquired a new position in shares of Conn’s in the 2nd quarter valued at about $115,000. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Conn’s by 47.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 44,990 shares of the specialty retailer’s stock worth $801,000 after buying an additional 14,510 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

A number of brokerages recently weighed in on CONN. Zacks Investment Research raised Conn’s from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Thursday, October 31st. BidaskClub cut shares of Conn’s from a “hold” rating to a “sell” rating in a report on Saturday, November 16th. KeyCorp set a $41.00 price objective on shares of Conn’s and gave the stock a “buy” rating in a research report on Wednesday, September 4th. ValuEngine lowered shares of Conn’s from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $31.00 target price (up previously from $28.00) on shares of Conn’s in a research report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Conn’s presently has a consensus rating of “Hold” and an average price target of $32.40.

NASDAQ:CONN opened at $20.56 on Wednesday. The company has a current ratio of 5.01, a quick ratio of 3.97 and a debt-to-equity ratio of 2.01. Conn’s has a twelve month low of $15.40 and a twelve month high of $27.57. The company has a market cap of $633.85 million, a PE ratio of 8.19, a P/E/G ratio of 0.35 and a beta of 2.04. The company’s 50 day moving average is $23.47 and its two-hundred day moving average is $21.41.

Conn’s (NASDAQ:CONN) last posted its quarterly earnings results on Tuesday, September 3rd. The specialty retailer reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.11. Conn’s had a return on equity of 14.27% and a net margin of 5.35%. The business had revenue of $401.10 million for the quarter, compared to the consensus estimate of $398.10 million. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts expect that Conn’s will post 2.7 EPS for the current fiscal year.

About Conn’s

Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. It operates through two segments, Retail and Credit. The company's stores offer furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; and home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges.

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