Orca Investment Management LLC Takes Position in J.C. Penney Co. (JCP)
Orca Investment Management LLC acquired a new stake in J.C. Penney Co. (NYSE:JCP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 317,157 shares of the department store operator’s stock, valued at approximately $2,816,000. J.C. Penney makes up 2.8% of Orca Investment Management LLC’s investment portfolio, making the stock its 11th largest position.
A number of other large investors have also recently made changes to their positions in JCP. Amici Capital LLC purchased a new stake in shares of J.C. Penney during the first quarter valued at $1,348,000. BlackRock Group LTD raised its stake in shares of J.C. Penney by 25.8% in the first quarter. BlackRock Group LTD now owns 332,445 shares of the department store operator’s stock valued at $3,676,000 after buying an additional 68,081 shares during the period. M&T Bank Corp raised its stake in shares of J.C. Penney by 33.8% in the first quarter. M&T Bank Corp now owns 29,247 shares of the department store operator’s stock valued at $324,000 after buying an additional 7,389 shares during the period. Invictus RG purchased a new stake in shares of J.C. Penney during the first quarter valued at $103,000. Finally, Foxhaven Asset Management LP purchased a new stake in shares of J.C. Penney during the first quarter valued at $5,363,000. 88.62% of the stock is owned by institutional investors.
Shares of J.C. Penney Co. (NYSE:JCP) traded down 2.87% during midday trading on Tuesday, reaching $9.80. The company had a trading volume of 12,079,394 shares. The stock’s market capitalization is $3.02 billion. J.C. Penney Co. has a 1-year low of $6.00 and a 1-year high of $11.99. The firm’s 50 day moving average price is $9.87 and its 200-day moving average price is $9.41.
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, beating the consensus estimate of ($0.15) by $0.10. The business 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%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.41) EPS. Equities research analysts expect that J.C. Penney Co. will post $0.16 EPS for the current fiscal year.
Several equities research analysts recently weighed in on JCP shares. Vetr lowered J.C. Penney from a “buy” rating to a “hold” rating and set a $10.35 price objective for the company. in a report on Wednesday, September 7th. Miller Tabak reduced their target price on J.C. Penney from $17.00 to $13.00 and set a “buy” rating for the company in a report on Monday, May 23rd. Argus reaffirmed a “hold” rating on shares of J.C. Penney in a report on Tuesday, August 16th. Zacks Investment Research raised J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Tuesday, August 16th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $10.00 target price on shares of J.C. Penney in a report on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $11.52.
In other news, Chairman Marvin R. Ellison purchased 50,000 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was acquired at an average price of $9.92 per share, for a total transaction of $496,000.00. Following the acquisition, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at approximately $25,368,584.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.28% 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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