Guggenheim Reaffirms “Hold” Rating for J C Penney (JCP)
J C Penney (NYSE:JCP)‘s stock had its “hold” rating reaffirmed by research analysts at Guggenheim in a report released on Friday.
The analysts wrote, “We lower our FY18/19 ests. to reflect a more conservative view on op. margin improvement. JCP also announced strategic realignment/expense reduction actions (360 job cuts; JCP ests. ~$20-25mn annual cost savings). We remain NEUTRAL.””
Other research analysts also recently issued research reports about the stock. Piper Jaffray Companies set a $4.00 price target on shares of J C Penney and gave the stock a “hold” rating in a research note on Wednesday, January 10th. B. Riley set a $4.00 price objective on shares of J C Penney and gave the stock a “hold” rating in a research report on Friday, January 5th. Robert W. Baird set a $4.00 price objective on shares of J C Penney and gave the stock a “hold” rating in a research report on Thursday, January 4th. Cowen set a $4.00 price objective on shares of J C Penney and gave the stock a “hold” rating in a research report on Thursday, November 30th. Finally, Zacks Investment Research upgraded shares of J C Penney from a “sell” rating to a “hold” rating in a research report on Monday, November 13th. Four analysts have rated the stock with a sell rating and eighteen have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $4.47.
J C Penney (NYSE:JCP) last issued its quarterly earnings results on Friday, March 2nd. The department store operator reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. J C Penney had a negative net margin of 1.43% and a positive return on equity of 7.60%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.04 billion. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. equities research analysts forecast that J C Penney will post 0.19 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in JCP. Spark Investment Management LLC acquired a new position in shares of J C Penney in the 4th quarter valued at $7,996,000. Quantitative Investment Management LLC acquired a new position in shares of J C Penney in the 4th quarter valued at $5,780,000. 1060 Capital LLC acquired a new position in shares of J C Penney in the 4th quarter valued at $4,740,000. Two Sigma Investments LP increased its holdings in shares of J C Penney by 292.0% in the 4th quarter. Two Sigma Investments LP now owns 1,958,689 shares of the department store operator’s stock valued at $6,189,000 after acquiring an additional 1,459,003 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of J C Penney by 52.4% in the 3rd quarter. SG Americas Securities LLC now owns 3,585,977 shares of the department store operator’s stock valued at $13,663,000 after acquiring an additional 1,232,229 shares during the period. 73.71% of the stock is currently owned by institutional investors and hedge funds.
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About J C Penney
J. C. Penney Company, Inc is a holding company. The Company’s business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com. Its department stores and Website generally serve the same type of customers, its Website offers virtually the same mix of merchandise as its store assortment and other categories, and its department stores generally accept returns from sales made in stores and through its Website.
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