J.C. Penney Co. (NYSE:JCP) – Research analysts at B. Riley lowered their Q3 2017 EPS estimates for J.C. Penney in a research report issued to clients and investors on Monday. B. Riley analyst J. Van. Sinderen now forecasts that the brokerage will post earnings per share of ($0.21) for the quarter, down from their previous estimate of ($0.20). B. Riley has a “Buy” rating and a $16.00 price objective on the stock. B. Riley also issued estimates for J.C. Penney’s Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $0.06 EPS and FY2018 earnings at $0.34 EPS.
JCP has been the topic of a number of other research reports. Vetr upgraded J.C. Penney from a “buy” rating to a “strong-buy” rating and set a $10.35 target price on the stock in a research note on Monday. Guggenheim initiated coverage on J.C. Penney in a research report on Friday, September 30th. They set a “neutral” rating on the stock. Argus reissued a “hold” rating on shares of J.C. Penney in a research report on Wednesday, July 6th. Zacks Investment Research raised J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Tuesday, August 16th. Finally, Cowen and Company reissued a “market perform” rating and set a $10.00 price target on shares of J.C. Penney in a research report on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $11.44.
J.C. Penney (NYSE:JCP) opened at 9.64 on Wednesday. J.C. Penney has a 12 month low of $6.00 and a 12 month high of $11.99. The firm has a 50-day moving average price of $9.71 and a 200-day moving average price of $9.27. The stock’s market cap is $2.97 billion.
J.C. Penney (NYSE:JCP) last issued its earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.10. J.C. Penney had a negative return on equity of 10.18% and a negative net margin of 3.11%. The business earned $2.92 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the previous year, the firm earned ($0.41) EPS. J.C. Penney’s revenue was up 1.5% on a year-over-year basis.
In other news, Chairman Marvin R. Ellison bought 50,000 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.28% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Amici Capital LLC purchased a new position in shares of J.C. Penney during the first quarter valued at approximately $1,348,000. State Board of Administration of Florida Retirement System boosted its position in 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 in the last quarter. BlackRock Group LTD boosted 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 worth $3,676,000 after buying an additional 68,081 shares in the last quarter. M&T Bank Corp boosted 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 worth $324,000 after buying an additional 7,389 shares in the last quarter. Finally, Invictus RG bought a new position in J.C. Penney during the first quarter worth about $103,000. 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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