Traders Purchase Large Volume of J.C. Penney Co. Put Options (JCP)
Shares of J.C. Penney Co. (NYSE:JCP) saw some unusual options trading activity on Monday. Investors purchased 102,653 put options on the stock, AR Network reports. This is an increase of 107% compared to the typical daily volume of 49,684 put options.
JCP has been the subject of a number of recent research reports. Analysts at Robert W. Baird cut their price target on shares of J.C. Penney Co. (NYSE:JCP) from $16.00 to $10.00 in a research note to investors on Monday. Separately, analysts at JPMorgan Chase & Co. cut their price target on shares of J.C. Penney Co. (NYSE:JCP) from $13.00 to $8.00 in a research note to investors on Monday. They now have a “neutral” rating on the stock. Finally, analysts at Maxim Group downgraded shares of J.C. Penney Co. (NYSE:JCP) from a “buy” rating to a “hold” rating in a research note to investors on Monday. Seven research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.05.
J.C. Penney Co. (NYSE:JCP) traded down 2.71% during mid-day trading on Monday, hitting $8.805. The stock had a trading volume of 61,352,688 shares. J.C. Penney Co. has a one year low of $8.85 and a one year high of $27.00. The stock has a 50-day moving average of $13.03 and a 200-day moving average of $15.59. The company’s market cap is $1.942 billion.
J.C. Penney Co. (NYSE:JCP) last issued its quarterly earnings data on Tuesday, August 20th. The company reported ($1.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($1.06) by $0.11. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company posted ($0.37) earnings per share. J.C. Penney Co.’s revenue was down 11.9% compared to the same quarter last year. Analysts expect that J.C. Penney Co. will post $-6.23 EPS for the current fiscal year.
J. C. Penney Company, Inc (NYSE:JCP), is a holding company.
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