J.C. Penney Co. (JCP) Stock Rating Reaffirmed by B. Riley
J.C. Penney Co. (NYSE:JCP)‘s stock had its “buy” rating reissued by analysts at B. Riley in a report issued on Monday. They presently have a $16.00 price target on the department store operator’s stock. B. Riley’s target price would indicate a potential upside of 69.49% from the stock’s previous close.
JCP has been the topic of a number of other reports. Argus reaffirmed a “hold” rating on shares of J.C. Penney in a research report on Tuesday, August 16th. Vetr raised shares of J.C. Penney from a “buy” rating to a “strong-buy” rating and set a $10.35 target price on the stock in a report on Monday, October 3rd. TheStreet raised shares of J.C. Penney from a “sell” rating to a “hold” rating in a report on Friday, August 12th. Morgan Stanley raised their target price on shares of J.C. Penney from $7.50 to $8.50 and gave the company an “underweight” rating in a report on Thursday, August 18th. Finally, Robert W. Baird reissued an “outperform” rating on shares of J.C. Penney in a report on Tuesday, June 28th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. J.C. Penney presently has a consensus rating of “Hold” and a consensus target price of $11.44.
Shares of J.C. Penney (NYSE:JCP) traded up 0.75% during trading on Monday, hitting $9.44. 15,754,622 shares of the stock were exchanged. 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. J.C. Penney has a 52 week low of $6.00 and a 52 week 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. J.C. Penney had a negative net margin of 3.11% and a negative return on equity of 10.18%. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period last year, the firm earned ($0.41) earnings per share. J.C. Penney’s revenue for the quarter was up 1.5% compared to the same quarter last year. Analysts forecast that J.C. Penney will post $0.16 EPS for the current fiscal year.
In other news, Chairman Marvin R. Ellison bought 50,000 shares of J.C. Penney stock in a transaction dated Thursday, August 25th. The stock was purchased at an average price of $9.92 per share, for a total transaction of $496,000.00. Following the purchase, the chairman now directly owns 2,557,317 shares in the company, valued at approximately $25,368,584.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.28% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of JCP. Saba Capital Management purchased a new stake in J.C. Penney during the third quarter valued at about $13,143,000. First Dallas Securities Inc. raised its stake in J.C. Penney by 220.5% in the fourth quarter. First Dallas Securities Inc. now owns 82,380 shares of the department store operator’s stock valued at $549,000 after buying an additional 56,680 shares during the last quarter. Lebenthal Holdings LLC raised its stake in J.C. Penney by 27.6% in the fourth quarter. Lebenthal Holdings LLC now owns 539,246 shares of the department store operator’s stock valued at $3,591,000 after buying an additional 116,611 shares during the last quarter. Alpha Windward raised its stake in J.C. Penney by 14.0% in the fourth quarter. Alpha Windward now owns 60,689 shares of the department store operator’s stock valued at $404,000 after buying an additional 7,469 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its stake in J.C. Penney by 1.1% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 386,750 shares of the department store operator’s stock valued at $2,576,000 after buying an additional 4,197 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.
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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