J C Penney (NYSE:JCP) Trading Down 4.5%

J C Penney Company Inc (NYSE:JCP) was down 4.5% during mid-day trading on Wednesday . The stock traded as low as $0.84 and last traded at $0.85, approximately 128,943 shares were traded during mid-day trading. A decline of 99% from the average daily volume of 14,647,078 shares. The stock had previously closed at $0.89.

Separately, B. Riley started coverage on shares of J C Penney in a research note on Friday, August 16th. They issued a “hold” rating and a $1.00 price objective for the company. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. J C Penney currently has a consensus rating of “Hold” and a consensus target price of $1.55.

The company’s 50 day moving average price is $0.71 and its two-hundred day moving average price is $1.11. The company has a quick ratio of 0.21, a current ratio of 1.37 and a debt-to-equity ratio of 4.86. The stock has a market cap of $276.55 million, a P/E ratio of -0.91 and a beta of 1.53.

J C Penney (NYSE:JCP) last posted its quarterly earnings results on Thursday, August 15th. The department store operator reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.14. J C Penney had a negative net margin of 2.38% and a negative return on equity of 29.24%. The firm had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the previous year, the firm posted ($0.38) earnings per share. The company’s revenue was down 9.2% on a year-over-year basis. As a group, equities research analysts forecast that J C Penney Company Inc will post -1.22 earnings per share for the current year.

In other J C Penney news, EVP Michelle Wlazlo acquired 100,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost of $0.59 per share, for a total transaction of $59,000.00. Following the completion of the purchase, the executive vice president now directly owns 1,000,100 shares in the company, valued at $590,059. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald W. Tysoe acquired 1,000,000 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were acquired at an average price of $0.59 per share, with a total value of $590,000.00. Following the completion of the purchase, the director now owns 1,352,128 shares of the company’s stock, valued at $797,755.52. The disclosure for this purchase can be found here. Insiders have bought 1,830,000 shares of company stock valued at $1,125,700 in the last ninety days. Insiders own 1.41% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in J C Penney by 2.6% during the second quarter. BlackRock Inc. now owns 43,619,119 shares of the department store operator’s stock valued at $49,726,000 after purchasing an additional 1,085,855 shares during the last quarter. Newport Trust Co grew its holdings in shares of J C Penney by 4.0% during the 2nd quarter. Newport Trust Co now owns 14,787,444 shares of the department store operator’s stock worth $16,858,000 after purchasing an additional 564,140 shares in the last quarter. Harbor Spring Capital LLC acquired a new stake in shares of J C Penney during the 2nd quarter worth $9,567,000. Invesco Ltd. grew its holdings in shares of J C Penney by 144.7% during the 2nd quarter. Invesco Ltd. now owns 7,446,322 shares of the department store operator’s stock worth $8,489,000 after purchasing an additional 4,403,037 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of J C Penney by 10.7% during the 2nd quarter. SG Americas Securities LLC now owns 4,301,068 shares of the department store operator’s stock worth $4,903,000 after purchasing an additional 415,640 shares in the last quarter. Institutional investors own 67.15% of the company’s stock.

J C Penney Company Profile (NYSE:JCP)

J. C. Penney Company, Inc, through its subsidiary J. C. Penney Corporation, Inc, sells merchandise through department stores. The company primarily sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings; and provides services, including styling salon, optical, portrait photography, and custom decorating services.

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