J.C. Penney Co. (JCP) Issues Quarterly Earnings Results
J.C. Penney Co. (NYSE:JCP) announced its quarterly earnings results on Friday. The department store operator reported ($0.21) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.21). The company earned $2.86 billion during the quarter, compared to analyst estimates of $2.95 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 down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.45) earnings per share.
J.C. Penney (NYSE:JCP) opened at 9.16 on Monday. The stock’s 50 day moving average price is $8.81 and its 200 day moving average price is $8.95. J.C. Penney has a 12 month low of $6.00 and a 12 month high of $11.99. The firm’s market capitalization is $2.82 billion.
Several brokerages have recently weighed in on JCP. Zacks Investment Research downgraded J.C. Penney from a “hold” rating to a “sell” rating in a research report on Monday, October 24th. Guggenheim began coverage on J.C. Penney in a research report on Friday, September 30th. They issued a “neutral” rating for the company. Vetr downgraded J.C. Penney from a “strong-buy” rating to a “buy” rating and set a $10.02 target price for the company. in a research report on Monday, August 8th. TheStreet raised J.C. Penney from a “sell” rating to a “hold” rating in a research report on Friday, August 12th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $10.00 target price on shares of J.C. Penney in a research report on Thursday, October 20th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. J.C. Penney has a consensus rating of “Hold” and a consensus target price of $11.44.
In related news, Chairman Marvin R. Ellison acquired 50,000 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were bought at an average cost of $9.92 per share, with a total value of $496,000.00. Following the completion of the acquisition, the chairman now owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.28% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Invictus RG bought a new stake in J.C. Penney during the first quarter worth $103,000. Princeton Alpha Management LP bought a new stake in J.C. Penney during the third quarter worth $102,000. Parametrica Management Ltd bought a new stake in J.C. Penney during the second quarter worth $102,000. Advisors Asset Management Inc. increased its stake in J.C. Penney by 40.8% in the second quarter. Advisors Asset Management Inc. now owns 11,546 shares of the department store operator’s stock worth $103,000 after buying an additional 3,346 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its stake in J.C. Penney by 4.4% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 11,900 shares of the department store operator’s stock worth $110,000 after buying an additional 500 shares during the last quarter. 88.35% of the stock is currently owned by 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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