JC Penney Lowered Its Goals, Then Beat Them

Marcus Newton
November 12, 2017

Holding Company (NYSE:JCP) has been assigned a $4.00 price target by stock analysts at B. Riley in a note issued to investors on Monday, October 30th. The company's shares closed Friday at $3.17, up 41 cents, or 14.9 percent. Geode Capital Management LLC boosted its holdings in J.C. Penney Company, Inc. Penney needs a decent holiday quarter. Following the transaction, the director now directly owns 518,970 shares in the company, valued at $1,889,050.80.

Ellison said the company had zeroed in on promotional strategies expected to improve both traffic and margins, having tested them out during the third quarter. The firm now has a hold rating on the department store operator's stock. Investors Asset Management of Georgia Inc.

Twenty-First Century Fox Inc. IL now owns 33,625 shares of the department store operator's stock valued at $156,000 after purchasing an additional 1,000 shares in the last quarter. IBM Retirement Fund raised its position in shares of J.C. Penney by 1.5% in the second quarter. Finally, BidaskClub upgraded shares of J.C. Penney Company, Inc. LS Investment Advisors LLC now owns 19,098 shares of the department store operator's stock valued at $170,000 after buying an additional 7,731 shares in the last quarter. Quinn Opportunity Partners LLC increased its stake in J.C. Penney Company, Inc. (NYSE:JCP) had a closing price of $2.51 yesterday. The company had a trading volume of 4,191,987 shares.

The main European stock markets traded lower. The company's 50 day moving average is $9.31 and its 200-day moving average is $9.20.

J.C. Penney (NYSE:JCP) got the bad news out of the way with its earnings warning two weeks ago, so shares are naturally rallying hard following the actual news. The department store operator reported ($0.33) earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.43) by $0.10. Revenue was $2.81 billion. The Return on Equity (ROE) value stands at -9.6%. The company had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.77 billion. During the same quarter in the prior year, the firm earned ($0.45) EPS.

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J.C. Penney shares, which lost about a quarter of their value when the company made the sales forecast, were last up 15 percent in morning trading. Analysts expected a 43 cent loss.

A number of equities analysts have recently issued reports on JCP shares. The stock now has a consensus rating of "Hold" and a consensus price target of $5.06. Holding from a "hold" rating to a "sell" rating in a research report on Wednesday, October 11th.

Some buy side analysts are also providing their Analysis on J. C. Penney Company, Inc., where 1 analysts have rated the stock as Strong buy, 1 analysts have given a Buy signal, 18 said it's a HOLD, 0 reported it as Underperform and 1 analysts rated the stock as Sell. The stock presently has an average rating of "Hold" and an average target price of $11.44.

In other news, Director Paul J. Brown acquired 25,000 shares of the business's stock in a transaction on Monday, August 21st.

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