J.C. Penney Co. (JCP) Receives New Coverage from Analysts at Guggenheim
Other research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of J.C. Penney from a hold rating to a buy rating and set a $13.00 price objective for the company in a research note on Tuesday, August 16th. Deutsche Bank AG reissued a buy rating and issued a $12.00 price objective on shares of J.C. Penney in a research note on Monday, August 15th. B. Riley reissued a buy rating and issued a $16.00 price objective on shares of J.C. Penney in a research note on Monday, August 15th. Vetr lowered shares of J.C. Penney from a strong-buy rating to a buy rating and set a $10.02 price objective for the company. in a research note on Monday, August 8th. Finally, Argus reissued a hold rating on shares of J.C. Penney in a research note on Wednesday, July 6th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. J.C. Penney has a consensus rating of Hold and a consensus price target of $11.44.
Shares of J.C. Penney (NYSE:JCP) traded down 3.091% on Friday, reaching $8.935. 4,967,707 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $9.92 and a 200 day moving average of $9.33. J.C. Penney has a one year low of $6.00 and a one year high of $11.99. The firm’s market capitalization is $2.75 billion.
J.C. Penney (NYSE:JCP) last announced its earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The company earned $2.92 billion during the quarter, compared to analyst estimates of $2.93 billion. J.C. Penney had a negative net margin of 3.11% and a negative return on equity of 10.18%. J.C. Penney’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.41) earnings per share. On average, equities research analysts predict that J.C. Penney will post $0.16 EPS for the current year.
In related news, Chairman Marvin R. Ellison bought 50,000 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were purchased at an average cost of $9.92 per share, with a total value of $496,000.00. Following the completion of the transaction, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.28% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Virginia Retirement System bought a new stake in shares of J.C. Penney during the first quarter valued at $404,000. IFP Advisors Inc raised its position in shares of J.C. Penney by 2.8% in the first quarter. IFP Advisors Inc now owns 18,093 shares of the department store operator’s stock worth $200,000 after buying an additional 496 shares during the period. CIBC World Markets Inc. acquired a new position in shares of J.C. Penney during the first quarter worth approximately $303,000. Pacad Investment Ltd. raised its position in shares of J.C. Penney by 136.2% in the first quarter. Pacad Investment Ltd. now owns 76,308 shares of the department store operator’s stock worth $844,000 after buying an additional 44,008 shares during the period. Finally, BlackRock Inc. raised its position in shares of J.C. Penney by 37.3% in the first quarter. BlackRock Inc. now owns 190,081 shares of the department store operator’s stock worth $2,102,000 after buying an additional 51,625 shares during the period. 88.62% of the stock is currently owned by hedge funds and other institutional investors.
J.C. Penney Company Profile
J. C. Penney Company, Inc is a holding company. The Company’s operating subsidiary is J. C. Penney Corporation, Inc (JCP). The Company’s business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com, which utilizes optimized applications for desktop, mobile and tablet devices.
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