J.C. Penney Co. (JCP) Upgraded at Vetr Inc.
J.C. Penney Co. (NYSE:JCP) was upgraded by research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The brokerage currently has a $10.35 price target on the department store operator’s stock. Vetr‘s price objective indicates a potential upside of 12.26% from the stock’s previous close.
A number of other equities analysts also recently issued reports on the stock. Argus reaffirmed a “hold” rating on shares of J.C. Penney in a report on Tuesday, August 16th. Zacks Investment Research raised shares of J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Tuesday, August 16th. TheStreet raised shares of J.C. Penney from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Morgan Stanley lifted their price objective on shares of J.C. Penney from $7.50 to $8.50 and gave the stock an “underweight” rating in a report on Thursday, August 18th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $10.00 price objective on shares of J.C. Penney in a 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 issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $11.44.
J.C. Penney (NYSE:JCP) opened at 9.22 on Monday. The stock has a 50 day moving average of $9.92 and a 200 day moving average of $9.33. The company’s market capitalization is $2.84 billion. J.C. Penney has a 12 month low of $6.00 and a 12 month high of $11.99.
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. The business earned $2.92 billion during the quarter, compared to analyst estimates of $2.93 billion. J.C. Penney had a negative net margin of 3.11% and a negative return on equity of 10.18%. J.C. Penney’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.41) EPS. Equities analysts anticipate that J.C. Penney will post $0.16 EPS for the current fiscal year.
In other news, Chairman Marvin R. Ellison bought 50,000 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was acquired at an average price of $9.92 per share, with a total value of $496,000.00. Following the completion of the purchase, the chairman now directly owns 2,557,317 shares in the company, valued at $25,368,584.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.28% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of JCP. Parametrica Management Ltd bought a new stake in J.C. Penney during the second quarter worth $102,000. Invictus RG bought a new stake in J.C. Penney during the first quarter worth $103,000. Advisors Asset Management Inc. raised its stake in J.C. Penney by 40.8% in the second quarter. Advisors Asset Management Inc. now owns 11,546 shares of the department store operator’s stock worth $103,000 after buying an additional 3,346 shares during the period. Private Advisor Group LLC bought a new stake in J.C. Penney during the second quarter worth $115,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in J.C. Penney during the second quarter worth $138,000. 88.62% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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