J.C. Penney Co. (JCP) Lifted to Strong-Buy at Vetr Inc.
J.C. Penney Co. (NYSE:JCP) was upgraded by equities researchers 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 target price on the department store operator’s stock. Vetr‘s price objective would suggest a potential upside of 9.64% from the company’s previous close.
Several other equities analysts also recently issued reports on JCP. B. Riley reiterated a “buy” rating and set a $16.00 price objective on shares of J.C. Penney in a research report on Saturday, September 3rd. Cowen and Company reiterated a “market perform” rating and set a $10.00 price objective on shares of J.C. Penney in a research report on Monday, August 15th. Zacks Investment Research upgraded J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Tuesday, August 16th. Jefferies Group restated a “hold” rating and issued a $10.00 target price on shares of J.C. Penney in a research report on Thursday, August 18th. Finally, Morgan Stanley upped their target price on J.C. Penney from $7.50 to $8.50 and gave the stock an “underweight” rating in a research report on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $11.44.
J.C. Penney (NYSE:JCP) traded up 0.75% during trading on Monday, reaching $9.44. The company’s stock had a trading volume of 15,754,622 shares. J.C. Penney has a 52 week low of $6.00 and a 52 week high of $11.99. The firm’s market capitalization is $2.90 billion. The firm has a 50-day moving average price of $9.68 and a 200-day moving average price of $9.25.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/j-c-penney-co-jcp-lifted-to-strong-buy-at-vetr-inc.html
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 the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The business 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 business’s revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.41) earnings per share. On average, equities analysts anticipate that J.C. Penney will post $0.16 EPS for the current fiscal year.
In related news, Chairman Marvin R. Ellison acquired 50,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.28% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in JCP. Virginia Retirement System bought a new position in shares of J.C. Penney during the first quarter worth approximately $404,000. IFP Advisors Inc raised its position in shares of J.C. Penney by 2.8% in the first quarter. IFP Advisors Inc now owns 18,093 shares of the department store operator’s stock worth $200,000 after buying an additional 496 shares in the last quarter. CIBC World Markets Inc. bought a new position in shares of J.C. Penney during the first quarter worth approximately $303,000. Pacad Investment Ltd. raised its position in shares of J.C. Penney by 136.2% in the first quarter. Pacad Investment Ltd. now owns 76,308 shares of the department store operator’s stock worth $844,000 after buying an additional 44,008 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of J.C. Penney by 37.3% in the first quarter. BlackRock Inc. now owns 190,081 shares of the department store operator’s stock worth $2,102,000 after buying an additional 51,625 shares in the last quarter. 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.
Receive News & Ratings for J.C. Penney Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for J.C. Penney Co. and related companies with MarketBeat.com's FREE daily email newsletter.