J.C. Penney Company, Inc. Holding Company (JCP) Shares Gap Up on Better-Than-Expected Earnings

J.C. Penney Company, Inc. Holding Company (NYSE:JCP) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.08, but opened at $3.17. J.C. Penney Company, Inc. Holding shares last traded at $3.17, with a volume of 54332070 shares traded.

The department store operator reported ($0.33) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.43) by $0.10. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.77 billion. J.C. Penney Company, Inc. Holding had a positive return on equity of 10.55% and a negative net margin of 0.94%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share.

Several analysts recently commented on the company. Cowen and Company set a $6.00 target price on J.C. Penney Company, Inc. Holding and gave the company a “hold” rating in a report on Friday, August 11th. B. Riley reiterated a “buy” rating and issued a $4.30 target price on shares of J.C. Penney Company, Inc. Holding in a report on Wednesday, August 16th. Susquehanna Bancshares Inc cut J.C. Penney Company, Inc. Holding from a “positive” rating to a “neutral” rating and set a $3.00 target price on the stock. in a report on Tuesday, October 31st. Citigroup Inc. upped their target price on J.C. Penney Company, Inc. Holding from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Finally, Robert W. Baird set a $3.00 target price on J.C. Penney Company, Inc. Holding and gave the company a “hold” rating in a report on Sunday, October 29th. Three investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. J.C. Penney Company, Inc. Holding currently has an average rating of “Hold” and an average target price of $5.06.

In related news, Director Paul J. Brown purchased 25,000 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was acquired at an average cost of $3.62 per share, with a total value of $90,500.00. Following the transaction, the director now owns 68,123 shares of the company’s stock, valued at approximately $246,605.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Javier G. Teruel purchased 135,135 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average cost of $3.64 per share, with a total value of $491,891.40. Following the completion of the transaction, the director now directly owns 518,970 shares in the company, valued at approximately $1,889,050.80. The disclosure for this purchase can be found here. Insiders purchased a total of 310,135 shares of company stock valued at $1,111,391 over the last three months. 1.02% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Keel Point LLC raised its position in J.C. Penney Company, Inc. Holding by 100.0% in the 3rd quarter. Keel Point LLC now owns 108,000 shares of the department store operator’s stock valued at $411,000 after buying an additional 54,000 shares during the last quarter. SG Americas Securities LLC raised its position in J.C. Penney Company, Inc. Holding 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 buying an additional 1,232,229 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in J.C. Penney Company, Inc. Holding by 58.8% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 116,240 shares of the department store operator’s stock valued at $443,000 after buying an additional 43,030 shares during the last quarter. Wedge Capital Management L L P NC raised its position in J.C. Penney Company, Inc. Holding by 29.5% in the 3rd quarter. Wedge Capital Management L L P NC now owns 140,167 shares of the department store operator’s stock valued at $534,000 after buying an additional 31,920 shares during the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new stake in J.C. Penney Company, Inc. Holding in the 2nd quarter valued at $311,000. 71.99% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $985.05, a PE ratio of 11.32 and a beta of 0.53. The company has a current ratio of 1.45, a quick ratio of 0.24 and a debt-to-equity ratio of 3.51.

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About J.C. Penney Company, Inc. Holding

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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