Hennessy Advisors Inc. Has $33,170,000 Stake in J.C. Penney Co. (JCP)
Hennessy Advisors Inc. decreased its position in J.C. Penney Co. (NYSE:JCP) by 12.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,597,600 shares of the department store operator’s stock after selling 512,100 shares during the period. J.C. Penney comprises 0.9% of Hennessy Advisors Inc.’s portfolio, making the stock its 26th largest position. Hennessy Advisors Inc. owned 1.17% of J.C. Penney worth $33,170,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of JCP. Patten & Patten Inc. TN increased its position in shares of J.C. Penney by 8.3% in the third quarter. Patten & Patten Inc. TN now owns 606,725 shares of the department store operator’s stock worth $5,594,000 after buying an additional 46,725 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of J.C. Penney during the third quarter worth approximately $328,000. Grassi Investment Management increased its position in shares of J.C. Penney by 76.6% in the third quarter. Grassi Investment Management now owns 32,500 shares of the department store operator’s stock worth $300,000 after buying an additional 14,100 shares during the period. Gofen & Glossberg LLC IL purchased a new position in shares of J.C. Penney during the third quarter worth approximately $129,000. Finally, Northwestern Mutual Investment Management Company LLC increased its position in shares of J.C. Penney by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 53,077 shares of the department store operator’s stock worth $471,000 after buying an additional 266 shares during the period. 87.09% of the stock is currently owned by institutional investors.
Shares of J.C. Penney Co. (NYSE:JCP) traded down 4.96% during trading on Monday, reaching $9.20. 12,915,547 shares of the company’s stock were exchanged. The stock’s market capitalization is $2.83 billion. The company’s 50-day moving average is $8.84 and its 200 day moving average is $8.97. J.C. Penney Co. has a 52 week low of $6.00 and a 52 week high of $11.99.
J.C. Penney (NYSE:JCP) last issued its quarterly earnings results on Friday, November 11th. The department store operator reported ($0.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.21). The business earned $2.86 billion during the quarter, compared to analyst estimates of $2.95 billion. J.C. Penney had a negative net margin of 2.56% and a negative return on equity of 4.66%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.45) earnings per share. On average, analysts forecast that J.C. Penney Co. will post $0.07 earnings per share for the current year.
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A number of equities analysts have commented on the stock. B. Riley reaffirmed a “buy” rating and set a $16.00 target price on shares of J.C. Penney in a research note on Saturday, November 19th. Robert W. Baird set a $13.00 price target on shares of J.C. Penney and gave the company a “buy” rating in a research note on Friday, November 11th. Deutsche Bank AG reissued a “buy” rating on shares of J.C. Penney in a research note on Monday, October 31st. Zacks Investment Research downgraded shares of J.C. Penney from a “hold” rating to a “sell” rating in a research note on Monday, October 24th. Finally, Jefferies Group reissued a “hold” rating and issued a $10.00 price target on shares of J.C. Penney in a research note on Thursday, October 20th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $11.40.
In related news, EVP John Joseph Tighe III sold 38,756 shares of J.C. Penney stock in a transaction on Friday, November 18th. The shares were sold at an average price of $9.33, for a total value of $361,593.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.28% of the stock is currently owned by corporate insiders.
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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