Vetr upgraded shares of J.C. Penney Co. (NYSE:JCP) from a buy rating to a strong-buy rating in a research note released on Monday. They currently have $10.35 price target on the department store operator’s stock.
JCP has been the subject of several other research reports. B. Riley reissued a buy rating and issued a $15.00 price objective on shares of J.C. Penney in a research note on Monday, June 13th. Argus reissued a hold rating on shares of J.C. Penney in a research note on Tuesday, August 16th. TheStreet raised shares of J.C. Penney from a sell rating to a hold rating in a research note on Friday, August 12th. Morgan Stanley raised their price objective on shares of J.C. Penney from $7.50 to $8.50 and gave the stock an underweight rating in a research note on Thursday, August 18th. Finally, Robert W. Baird reissued an outperform rating on shares of J.C. Penney in a research note on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. J.C. Penney has a consensus rating of Hold and a consensus target price of $11.44.
Shares of J.C. Penney (NYSE:JCP) traded down 0.2630% during trading on Monday, hitting $8.9863. The stock had a trading volume of 2,371,843 shares. The firm’s market capitalization is $2.77 billion. J.C. Penney has a 1-year low of $6.00 and a 1-year high of $11.99. The stock’s 50-day moving average price is $9.87 and its 200 day moving average price is $9.29.
J.C. Penney (NYSE:JCP) last announced its quarterly earnings results on Friday, August 12th. The department store operator reported ($0.05) EPS for the quarter, beating the Zacks’ 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 firm earned $2.92 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm earned ($0.41) EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts anticipate that J.C. Penney will post $0.16 earnings per share for the current year.
In other J.C. Penney news, Chairman Marvin R. Ellison bought 50,000 shares of the firm’s stock in a transaction that occurred on 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 directly owns 2,557,317 shares of the company’s stock, valued at approximately $25,368,584.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.28% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of JCP. Virginia Retirement System purchased a new position in shares of J.C. Penney during the first quarter worth $404,000. IFP Advisors Inc increased 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. purchased a new position in shares of J.C. Penney during the first quarter worth $303,000. Pacad Investment Ltd. increased 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. increased 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. Institutional investors own 88.62% of the company’s stock.
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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