J.C. Penney Co. (JCP) Upgraded to “Strong-Buy” at Vetr Inc.
Vetr upgraded shares of J.C. Penney Co. (NYSE:JCP) from a buy rating to a strong-buy rating in a research report sent to investors on Monday. Vetr currently has $10.35 price target on the department store operator’s stock.
Other analysts also recently issued reports about the company. Deutsche Bank AG restated a buy rating and issued a $12.00 price target on shares of J.C. Penney in a research note on Monday, August 15th. Zacks Investment Research upgraded J.C. Penney from a hold rating to a buy rating and set a $13.00 price target for the company in a research note on Tuesday, August 16th. B. Riley restated a buy rating and issued a $15.00 price target on shares of J.C. Penney in a research note on Monday, June 27th. Argus restated a hold rating on shares of J.C. Penney in a research note on Tuesday, August 16th. Finally, Jefferies Group restated a hold rating and issued a $10.00 price target on shares of J.C. Penney in a research note on Thursday, August 18th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $11.44.
Shares of J.C. Penney (NYSE:JCP) traded down 0.22% during mid-day trading on Monday, hitting $8.99. The stock had a trading volume of 2,371,593 shares. The company’s market capitalization is $2.77 billion. The stock’s 50-day moving average price is $9.87 and its 200 day moving average price is $9.29. J.C. Penney has a 1-year low of $6.00 and a 1-year high of $11.99.
J.C. Penney (NYSE:JCP) last posted its earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.93 billion. J.C. Penney had a negative return on equity of 10.18% and a negative net margin of 3.11%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.41) EPS. On average, analysts predict that J.C. Penney will post $0.16 EPS for the current fiscal year.
In related news, Chairman Marvin R. Ellison purchased 50,000 shares of J.C. Penney stock in a transaction dated Thursday, August 25th. The stock was bought at an average cost of $9.92 per share, for a total transaction of $496,000.00. Following the completion of the transaction, the chairman now owns 2,557,317 shares in the company, valued at $25,368,584.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in JCP. Amici Capital LLC bought a new position in shares of J.C. Penney during the first quarter valued at $1,348,000. State Board of Administration of Florida Retirement System boosted its position in shares of J.C. Penney by 17.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 456,755 shares of the department store operator’s stock valued at $4,056,000 after buying an additional 67,055 shares during the period. BlackRock Group LTD boosted its position in shares of J.C. Penney by 25.8% in the first quarter. BlackRock Group LTD now owns 332,445 shares of the department store operator’s stock valued at $3,676,000 after buying an additional 68,081 shares during the period. M&T Bank Corp boosted its position in shares of J.C. Penney by 33.8% in the first quarter. M&T Bank Corp now owns 29,247 shares of the department store operator’s stock valued at $324,000 after buying an additional 7,389 shares during the period. Finally, Invictus RG bought a new position in shares of J.C. Penney during the first quarter valued at $103,000. Institutional investors own 88.62% of the company’s stock.
About J.C. Penney
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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