J.C. Penney Co. (NYSE:JCP) was upgraded by equities researchers at Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $10.35 price target on the department store operator’s stock. Vetr‘s price objective indicates a potential upside of 6.05% from the company’s current price.
Several other equities research analysts have also weighed in on the stock. Argus reiterated a “hold” rating on shares of J.C. Penney in a report on Tuesday, August 16th. Zacks Investment Research upgraded shares of J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Tuesday, August 16th. Telsey Advisory Group increased their target price on shares of J.C. Penney from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Monday, August 15th. Cowen and Company reiterated a “market perform” rating and issued a $10.00 target price on shares of J.C. Penney in a report on Monday, August 15th. Finally, TheStreet upgraded shares of J.C. Penney from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $11.52.
J.C. Penney (NYSE:JCP) opened at 9.76 on Wednesday. The stock’s 50 day moving average is $9.90 and its 200 day moving average is $9.42. J.C. Penney has a 12-month low of $6.00 and a 12-month high of $11.99. The stock’s market capitalization is $3.00 billion.
J.C. Penney (NYSE:JCP) last announced its quarterly earnings data on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. J.C. Penney had a negative net margin of 3.11% and a negative return on equity of 10.18%. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the business posted ($0.41) earnings per share. J.C. Penney’s revenue was up 1.5% compared to the same quarter last year. Analysts forecast that J.C. Penney will post $0.16 EPS for the current year.
In other J.C. Penney news, Chairman Marvin R. Ellison acquired 50,000 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was acquired at an average price of $9.92 per share, for a total transaction of $496,000.00. Following the purchase, 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 legal filing with the SEC, which is accessible through this hyperlink. 1.28% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Chartwell Investment Partners LLC boosted its stake in shares of J.C. Penney by 48.6% in the second quarter. Chartwell Investment Partners LLC now owns 7,433,289 shares of the department store operator’s stock valued at $66,008,000 after buying an additional 2,429,635 shares during the period. Norges Bank acquired a new stake in shares of J.C. Penney during the fourth quarter valued at $15,122,000. Vertex One Asset Management Inc. boosted its position in shares of J.C. Penney by 988.9% in the second quarter. Vertex One Asset Management Inc. now owns 2,450,000 shares of the department store operator’s stock valued at $21,756,000 after buying an additional 2,225,000 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of J.C. Penney by 20.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,409,164 shares of the department store operator’s stock valued at $101,313,000 after buying an additional 1,902,149 shares during the last quarter. Finally, HBK Investments L P boosted its position in shares of J.C. Penney by 135.5% in the first quarter. HBK Investments L P now owns 3,298,800 shares of the department store operator’s stock valued at $36,485,000 after buying an additional 1,898,100 shares during the last quarter. Institutional investors and hedge funds 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.
To view Vetr’s full report, visit Vetr’s official website.
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