J.C. Penney Co. (JCP) Coverage Initiated at Guggenheim
Analysts at Guggenheim started coverage on shares of J.C. Penney Co. (NYSE:JCP) in a research report issued to clients and investors on Friday. The firm set a “neutral” rating on the department store operator’s stock.
A number of other analysts also recently issued reports on the company. 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 report on Monday, August 8th. Robert W. Baird reissued an “outperform” rating on shares of J.C. Penney in a research report on Tuesday, June 28th. TheStreet raised J.C. Penney from a “sell” rating to a “hold” rating in a research report on Friday, August 12th. B. Riley reissued a “buy” rating and set a $15.00 price objective on shares of J.C. Penney in a research report on Monday, June 27th. Finally, Argus reissued a “hold” rating on shares of J.C. Penney in a research report on Wednesday, July 6th. Two 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. J.C. Penney presently has an average rating of “Hold” and a consensus target price of $11.44.
J.C. Penney (NYSE:JCP) opened at 9.01 on Friday. The firm’s market cap is $2.77 billion. J.C. Penney has a 12-month low of $6.00 and a 12-month high of $11.99. The stock’s 50 day moving average is $9.87 and its 200 day moving average is $9.29.
J.C. Penney (NYSE:JCP) last issued its quarterly earnings data on Friday, August 12th. The department store operator reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. The firm earned $2.92 billion during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the company earned ($0.41) EPS. On average, equities research analysts expect that J.C. Penney will post $0.16 EPS for the current year.
In other news, Chairman Marvin R. Ellison purchased 50,000 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were bought at an average price of $9.92 per share, with a total value of $496,000.00. Following the completion of the transaction, the chairman now directly owns 2,557,317 shares in the company, valued at approximately $25,368,584.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.28% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amici Capital LLC purchased a new position in J.C. Penney during the first quarter valued at approximately $1,348,000. State Board of Administration of Florida Retirement System raised 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 valued at $4,056,000 after buying an additional 67,055 shares during the period. BlackRock Group LTD raised 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 during the period. M&T Bank Corp raised 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 during the period. Finally, Invictus RG purchased a new position in J.C. Penney during the first quarter valued at approximately $103,000. 88.62% of the stock is currently owned by institutional investors.
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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