Principal Financial Group Inc. boosted its position in shares of J.C. Penney Co. (NYSE:JCP) by 12.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,144,054 shares of the department store operator’s stock after buying an additional 122,384 shares during the period. Principal Financial Group Inc. owned 0.37% of J.C. Penney worth $10,159,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Chartwell Investment Partners LLC raised its position 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 worth $66,008,000 after buying an additional 2,429,635 shares during the last quarter. HBK Investments L P raised 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 worth $36,485,000 after buying an additional 1,898,100 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of J.C. Penney by 709.0% in the first quarter. JPMorgan Chase & Co. now owns 1,862,077 shares of the department store operator’s stock worth $20,594,000 after buying an additional 1,631,913 shares during the last quarter. Bogle Investment Management L P DE purchased a new position in shares of J.C. Penney during the first quarter worth approximately $11,372,000. Finally, Old Mutual Global Investors UK Ltd. purchased a new position in shares of J.C. Penney during the second quarter worth approximately $8,760,000. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of J.C. Penney Co. (NYSE:JCP) opened at 8.67 on Friday. J.C. Penney Co. has a 52 week low of $6.00 and a 52 week high of $11.99. The company has a 50 day moving average price of $9.51 and a 200 day moving average price of $9.19. The company’s market capitalization is $2.67 billion.
J.C. Penney (NYSE:JCP) last issued its quarterly earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share (EPS) for the quarter, topping 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 company earned $2.92 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter last year, the business posted ($0.41) EPS. J.C. Penney’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities research analysts expect that J.C. Penney Co. will post $0.16 earnings per share for the current year.
A number of research analysts have commented on JCP shares. Guggenheim started coverage on J.C. Penney in a research report on Friday, September 30th. They issued a “neutral” rating on the stock. Vetr lowered J.C. Penney from a “strong-buy” rating to a “buy” rating and set a $10.02 price objective on the stock. in a research report on Monday, August 8th. Robert W. Baird reiterated an “outperform” rating on shares of J.C. Penney in a research report on Tuesday, June 28th. TheStreet upgraded J.C. Penney from a “sell” rating to a “hold” rating in a research report on Friday, August 12th. Finally, B. Riley restated a “buy” rating and issued a $15.00 price target on shares of J.C. Penney in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $11.44.
In other J.C. Penney news, Chairman Marvin R. Ellison acquired 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was bought at an average cost of $9.92 per share, with a total value of $496,000.00. Following the acquisition, the chairman now owns 2,557,317 shares in the company, valued at $25,368,584.64. The purchase 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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