Zacks Investment Research cut shares of J.C. Penney Company, Inc. Holding Company (NYSE:JCP) from a buy rating to a hold rating in a research report sent to investors on Monday.
According to Zacks, “J. C. Penney shares, which have underperformed the industry in the past six months, recently took a sharp U turn after the company informed that the sales performance has improved in the second quarter of fiscal 2017. Moreover, the company whose top line has missed the estimate in the trailing five quarters announced that it expects to post substantial improvement in sales in the second quarter in comparison with the first quarter. Further, in an effort to lure more customers and ramp up sales, management has introduced new loyalty program. These along with remodeling, renovation and refurbishment of stores with special attention on enhancing the reach of national and especially private-label brands looks promising. J. C. Penney is also gradually increasing the count of Sephora stores. However, the impact of challenging retail landscape, high debt level, stiff competition from online retailers, and waning store traffic concerns linger.”
Other equities analysts also recently issued reports about the stock. UBS AG reaffirmed a sell rating and set a $4.00 price objective (down from $5.00) on shares of J.C. Penney Company, Inc. Holding in a research note on Wednesday, May 17th. B. Riley reaffirmed a neutral rating and set a $5.70 price objective on shares of J.C. Penney Company, Inc. Holding in a research note on Monday, May 15th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of J.C. Penney Company, Inc. Holding in a research note on Saturday, May 13th. Piper Jaffray Companies set a $5.00 price objective on shares of J.C. Penney Company, Inc. Holding and gave the company a hold rating in a research note on Saturday, May 13th. Finally, Gordon Haskett raised shares of J.C. Penney Company, Inc. Holding from a reduce rating to a hold rating and set a $4.50 price objective for the company in a research note on Monday, June 26th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $6.17.
J.C. Penney Company, Inc. Holding (JCP) traded down 19.214% during midday trading on Monday, hitting $3.805. The stock had a trading volume of 75,676,853 shares. The company’s 50-day moving average price is $4.98 and its 200 day moving average price is $5.57. J.C. Penney Company, Inc. Holding has a 52 week low of $3.77 and a 52 week high of $11.30. The company’s market capitalization is $1.18 billion.
J.C. Penney Company, Inc. Holding (NYSE:JCP) last posted its quarterly earnings results on Friday, August 11th. The department store operator reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by $0.05. The business had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.84 billion. J.C. Penney Company, Inc. Holding had a negative net margin of 0.89% and a positive return on equity of 11.44%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) earnings per share. On average, analysts expect that J.C. Penney Company, Inc. Holding will post $0.49 EPS for the current year.
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Several institutional investors have recently made changes to their positions in the stock. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in J.C. Penney Company, Inc. Holding during the first quarter worth approximately $234,000. LMR Partners LLP boosted its stake in J.C. Penney Company, Inc. Holding by 109.7% in the first quarter. LMR Partners LLP now owns 82,172 shares of the department store operator’s stock worth $506,000 after buying an additional 42,980 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in J.C. Penney Company, Inc. Holding by 77.1% in the first quarter. OppenheimerFunds Inc. now owns 512,143 shares of the department store operator’s stock worth $3,155,000 after buying an additional 222,916 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in J.C. Penney Company, Inc. Holding by 33.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,721 shares of the department store operator’s stock worth $103,000 after buying an additional 4,205 shares during the last quarter. Finally, World Asset Management Inc boosted its stake in J.C. Penney Company, Inc. Holding by 0.7% in the first quarter. World Asset Management Inc now owns 23,122 shares of the department store operator’s stock worth $142,000 after buying an additional 153 shares during the last quarter. 77.17% of the stock is owned by institutional investors and hedge funds.
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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