J.C. Penney Co. (NYSE:JCP)’s share price dropped 1.6% during trading on Tuesday . The stock traded as low as $8.52 and last traded at $8.54, with a volume of 7,722,368 shares changing hands. The stock had previously closed at $8.68.

JCP has been the topic of several recent analyst reports. Vetr raised shares of J.C. Penney from a “buy” rating to a “strong-buy” rating and set a $12.69 target price on the stock in a report on Wednesday, March 16th. Goldman Sachs Group Inc. raised their target price on shares of J.C. Penney from $6.00 to $9.00 and gave the company a “sell” rating in a report on Monday, March 28th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $20.00 target price on shares of J.C. Penney in a report on Thursday, March 31st. Northcoast Research raised shares of J.C. Penney from a “neutral” rating to a “buy” rating in a report on Monday, April 4th. Finally, Morgan Stanley reaffirmed a “sell” rating on shares of J.C. Penney in a report on Wednesday, April 13th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $10.91.

The firm’s 50-day moving average is $8.35 and its 200-day moving average is $8.69. The company’s market capitalization is $2.63 billion.

J.C. Penney (NYSE:JCP) last announced its quarterly earnings results on Friday, May 13th. The department store operator reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.06. The business earned $2.81 billion during the quarter, compared to analysts’ expectations of $2.92 billion. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.55) EPS. Equities research analysts forecast that J.C. Penney Co. will post $0.02 EPS for the current year.

In other J.C. Penney news, Director Ronald W. Tysoe purchased 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The stock was bought at an average price of $7.24 per share, with a total value of $181,000.00. Following the completion of the purchase, the director now directly owns 68,469 shares of the company’s stock, valued at approximately $495,715.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Other hedge funds have made changes to their positions in the company. Commerzbank Aktiengesellschaft FI raised its stake in shares of J.C. Penney by 1.1% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 386,750 shares of the department store operator’s stock worth $2,576,000 after buying an additional 4,197 shares during the last quarter. OppenheimerFunds Inc. raised its position in shares of J.C. Penney by 59.9% in the fourth quarter. OppenheimerFunds Inc. now owns 2,046,502 shares of the department store operator’s stock valued at $13,630,000 after buying an additional 766,246 shares in the last quarter. California State Teachers Retirement System raised its position in shares of J.C. Penney by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 583,456 shares of the department store operator’s stock valued at $3,886,000 after buying an additional 9,209 shares in the last quarter. Russell Frank Co raised its position in shares of J.C. Penney by 69.1% in the fourth quarter. Russell Frank Co now owns 1,343,535 shares of the department store operator’s stock valued at $9,090,000 after buying an additional 549,028 shares in the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of J.C. Penney by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 392,554 shares of the department store operator’s stock valued at $2,614,000 after buying an additional 5,121 shares in the last quarter.

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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