Private Advisor Group LLC bought a new position in shares of J.C. Penney Co. (NYSE:JCP) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,485 shares of the department store operator’s stock, valued at approximately $115,000.
Several other hedge funds and other institutional investors have also made changes to their positions in JCP. Amici Capital LLC acquired a new position in shares of J.C. Penney during the first quarter worth about $1,348,000. State Board of Administration of Florida Retirement System raised its position in shares of J.C. Penney by 17.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 456,755 shares of the department store operator’s stock worth $4,056,000 after buying an additional 67,055 shares during the period. BlackRock Group LTD increased its position in J.C. Penney by 25.8% in the first quarter. BlackRock Group LTD now owns 332,445 shares of the department store operator’s stock valued at $3,676,000 after buying an additional 68,081 shares in the last quarter. M&T Bank Corp increased its position in J.C. Penney by 33.8% in the first quarter. M&T Bank Corp now owns 29,247 shares of the department store operator’s stock valued at $324,000 after buying an additional 7,389 shares in the last quarter. Finally, Invictus RG purchased a new position in J.C. Penney during the first quarter valued at approximately $103,000. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of J.C. Penney Co. (NYSE:JCP) traded down 0.157% during midday trading on Tuesday, hitting $9.555. The stock had a trading volume of 3,310,623 shares. J.C. Penney Co. has a one year low of $6.00 and a one year high of $11.99. The stock has a 50 day moving average of $9.93 and a 200-day moving average of $9.36. The company’s market cap is $2.94 billion.
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, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The company earned $2.92 billion during the quarter, compared to analyst estimates of $2.93 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 up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) earnings per share. Analysts forecast that J.C. Penney Co. will post $0.16 EPS for the current fiscal year.
JCP has been the subject of several recent research reports. Zacks Investment Research raised J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Tuesday, August 16th. Deutsche Bank AG reissued a “buy” rating and issued a $12.00 price objective on shares of J.C. Penney in a research note on Monday, August 15th. B. Riley reissued a “buy” rating and issued a $16.00 price objective on shares of J.C. Penney in a research note on Monday, August 15th. Vetr downgraded J.C. Penney from a “strong-buy” rating to a “buy” rating and set a $10.02 price objective for the company. in a research note on Monday, August 8th. Finally, Argus reissued a “hold” rating on shares of J.C. Penney in a research note on Wednesday, July 6th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $11.52.
In other news, Chairman Marvin R. Ellison purchased 50,000 shares of the company’s stock in a transaction 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 purchase, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at approximately $25,368,584.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.28% 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.
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