Vetr Inc. Lowers J.C. Penney Co. (JCP) to Hold
Vetr cut shares of J.C. Penney Co. (NYSE:JCP) from a buy rating to a hold rating in a research report released on Thursday morning. The brokerage currently has $10.35 target price on the department store operator’s stock.
Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of J.C. Penney from a hold rating to a buy rating and set a $13.00 target price for the company in a research note on Tuesday, August 16th. Miller Tabak cut their target price on shares of J.C. Penney from $17.00 to $13.00 and set a buy rating for the company in a research note on Monday, May 23rd. B. Riley restated a buy rating and set a $15.00 target price on shares of J.C. Penney in a research note on Sunday, May 22nd. Deutsche Bank AG restated a buy rating and set a $12.00 target price on shares of J.C. Penney in a research note on Monday, August 15th. Finally, Argus restated a hold rating on shares of J.C. Penney in a research note on Wednesday, July 6th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $11.52.
Shares of J.C. Penney (NYSE:JCP) opened at 10.09 on Thursday. The company’s market capitalization is $3.10 billion. J.C. Penney has a 52 week low of $6.00 and a 52 week high of $11.99. The firm’s 50-day moving average is $9.86 and its 200 day moving average is $9.42.
J.C. Penney (NYSE:JCP) last announced its quarterly earnings data on Friday, August 12th. The department store operator reported ($0.05) EPS for the quarter, beating 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 company earned $2.92 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm posted ($0.41) EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts anticipate that J.C. Penney will post $0.16 earnings per share for the current fiscal year.
In other J.C. Penney news, Chairman Marvin R. Ellison bought 50,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.28% of the company’s stock.
A number of institutional investors have recently modified their holdings of JCP. Parametrica Management Ltd acquired a new position in shares of J.C. Penney during the second quarter worth $102,000. Invictus RG acquired a new position in shares of J.C. Penney during the first quarter worth $103,000. Advisors Asset Management Inc. raised its position in shares of 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 worth $103,000 after buying an additional 3,346 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of J.C. Penney during the second quarter worth $115,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of J.C. Penney during the second quarter worth $138,000. Hedge funds and other institutional investors own 88.62% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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