B. Riley Reiterates “Buy” Rating for J.C. Penney Co. (JCP)
J.C. Penney Co. (NYSE:JCP)‘s stock had its “buy” rating reiterated by investment analysts at B. Riley in a research report issued to clients and investors on Saturday. They currently have a $16.00 price objective on the department store operator’s stock. B. Riley’s price target would suggest a potential upside of 69.49% from the stock’s previous close.
JCP has been the subject of a number of other research reports. Vetr raised J.C. Penney from a “buy” rating to a “strong-buy” rating and set a $10.35 price target for the company in a report on Monday, October 3rd. Guggenheim started coverage on J.C. Penney in a report on Friday, September 30th. They issued a “neutral” rating for the company. Argus reaffirmed a “hold” rating on shares of J.C. Penney in a report on Wednesday, July 6th. Zacks Investment Research raised J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Tuesday, August 16th. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $10.00 price target on shares of J.C. Penney in a report on Monday, August 15th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $11.44.
Shares of J.C. Penney (NYSE:JCP) opened at 9.44 on Friday. The stock has a 50 day moving average price of $9.68 and a 200 day moving average price of $9.25. The company’s market capitalization is $2.90 billion. J.C. Penney has a 1-year low of $6.00 and a 1-year high of $11.99.
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J.C. Penney (NYSE:JCP) last released its quarterly earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. The company earned $2.92 billion during the quarter, compared to analysts’ expectations of $2.93 billion. J.C. Penney had a negative return on equity of 10.18% and a negative net margin of 3.11%. J.C. Penney’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.41) EPS. On average, equities analysts anticipate that J.C. Penney will post $0.16 EPS for the current fiscal year.
In other J.C. Penney news, Chairman Marvin R. Ellison bought 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were purchased at an average price of $9.92 per share, with a total value of $496,000.00. Following the completion of the acquisition, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at approximately $25,368,584.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.28% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Assetmark acquired a new position in J.C. Penney during the third quarter valued at approximately $0. Parametrica Management Ltd acquired a new position in J.C. Penney during the second quarter valued at approximately $102,000. Invictus RG acquired a new position in J.C. Penney during the first quarter valued at approximately $103,000. Advisors Asset Management Inc. raised its position 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 valued at $103,000 after buying an additional 3,346 shares during the period. Finally, Private Advisor Group LLC acquired a new position in J.C. Penney during the second quarter valued at approximately $115,000. 88.62% of the stock is currently owned by hedge funds and other institutional investors.
J.C. Penney Company Profile
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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