J.C. Penney Co. (JCP) Trading 8.9% Higher
Shares of J.C. Penney Co. (NYSE:JCP) traded up 8.9% during mid-day trading on Thursday . The company traded as high as $9.98 and last traded at $9.96, with a volume of 26,878,164 shares traded. The stock had previously closed at $9.15.
A number of analysts have recently issued reports on the stock. Vetr cut shares of J.C. Penney from a “buy” rating to a “hold” rating and set a $10.02 price objective for the company. in a research note on Monday. Argus reaffirmed a “hold” rating on shares of J.C. Penney in a research note on Wednesday, July 6th. Robert W. Baird reaffirmed an “outperform” rating on shares of J.C. Penney in a research note on Tuesday, June 28th. B. Riley reaffirmed a “buy” rating and set a $15.00 target price on shares of J.C. Penney in a research note on Monday, June 27th. Finally, Miller Tabak cut their target price on shares of J.C. Penney from $17.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, May 23rd. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $10.79.
The stock’s market cap is $3.24 billion. The stock has a 50-day moving average price of $9.04 and a 200 day moving average price of $9.03.
J.C. Penney (NYSE:JCP) last announced its earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the business earned ($0.41) EPS. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, analysts forecast that J.C. Penney Co. will post $0.03 earnings per share for the current year.
In related news, Director Ronald W. Tysoe bought 25,000 shares of the stock in a transaction 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 in the company, valued at approximately $495,715.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds and institutional investors recently made changes to their positions in the company. Comerica Bank raised its position in shares of J.C. Penney by 1.0% in the fourth quarter. Comerica Bank now owns 217,987 shares of the department store operator’s stock valued at $1,563,000 after buying an additional 2,167 shares during the period. Mutual of America Capital Management LLC raised its position in shares of J.C. Penney by 0.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 204,018 shares of the department store operator’s stock valued at $1,359,000 after buying an additional 616 shares during the period. Royce & Associates LLC raised its position in shares of J.C. Penney by 2.2% in the fourth quarter. Royce & Associates LLC now owns 1,474,884 shares of the department store operator’s stock valued at $9,823,000 after buying an additional 32,000 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of J.C. Penney by 92.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,369,570 shares of the department store operator’s stock valued at $69,062,000 after buying an additional 4,985,651 shares during the period.
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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