Citigroup Inc. Downgrades J.C. Penney Company, Inc. Holding Company (JCP) to Sell

J.C. Penney Company, Inc. Holding Company (NYSE:JCP) was downgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a $3.00 target price on the department store operator’s stock, down from their prior target price of $4.00. Citigroup Inc.’s price objective suggests a potential upside of 4.53% from the stock’s current price.

The analysts wrote, “gained traction in any cohesive way,” and the likelihood of any improvements in an already difficult environment is unlikely.For the most part, the company’s strategy of focusing on home goods and appliances for the past year and a half has boosted comps by 200 to 300 basis points, the analyst said. However, this also implies that the rest of the business has weakened over the same time period. Also, big-ticket appliance sales come with a weaker margins profile and also sends a mixed message to apparel, accessories and footwear consumers, which accounted for 80 percent of sales in 2016.”Do women think of buying clothes at the same place they buy a fridge?”

Several other brokerages have also recently issued reports on JCP. Zacks Investment Research cut shares of J.C. Penney Company, Inc. Holding from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Jefferies Group LLC reissued a “hold” rating and set a $5.00 target price on shares of J.C. Penney Company, Inc. Holding in a report on Thursday, August 3rd. BidaskClub raised shares of J.C. Penney Company, Inc. Holding from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Deutsche Bank AG raised their target price on shares of J.C. Penney Company, Inc. Holding from $5.50 to $6.50 and gave the stock a “hold” rating in a report on Tuesday, August 8th. Finally, Credit Suisse Group cut shares of J.C. Penney Company, Inc. Holding to a “sell” rating in a report on Thursday, August 10th. Three analysts have rated the stock with a sell rating, twenty have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $5.06.

Shares of J.C. Penney Company, Inc. Holding (NYSE:JCP) opened at 2.87 on Monday. The company’s market cap is $891.83 million. The stock’s 50 day moving average is $3.73 and its 200-day moving average is $4.50. J.C. Penney Company, Inc. Holding has a 12 month low of $2.76 and a 12 month high of $10.74.

J.C. Penney Company, Inc. Holding (NYSE:JCP) last issued its earnings results on Friday, August 11th. The department store operator reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.03). 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 had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the business earned ($0.05) EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities analysts forecast that J.C. Penney Company, Inc. Holding will post $0.22 EPS for the current year.

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In other J.C. Penney Company, Inc. Holding news, Director Paul J. Brown purchased 25,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were purchased at an average cost of $3.62 per share, for a total transaction of $90,500.00. Following the completion of the transaction, the director now owns 68,123 shares of the company’s stock, valued at approximately $246,605.26. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were acquired at an average price of $3.64 per share, for a total transaction of $491,891.40. Following the completion of the transaction, the director now directly owns 518,970 shares of the company’s stock, valued at approximately $1,889,050.80. The disclosure for this purchase can be found here. Insiders have purchased 310,135 shares of company stock worth $1,111,391 over the last 90 days. 1.02% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. boosted its position in J.C. Penney Company, Inc. Holding by 33.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,721 shares of the department store operator’s stock worth $103,000 after acquiring an additional 4,205 shares during the last quarter. Tudor Investment Corp ET AL boosted its position in J.C. Penney Company, Inc. Holding by 12.8% during the first quarter. Tudor Investment Corp ET AL now owns 22,900 shares of the department store operator’s stock worth $141,000 after acquiring an additional 2,600 shares during the last quarter. Blair William & Co. IL boosted its position in J.C. Penney Company, Inc. Holding by 3.1% during the second quarter. Blair William & Co. IL now owns 33,625 shares of the department store operator’s stock worth $156,000 after acquiring an additional 1,000 shares during the last quarter. Quinn Opportunity Partners LLC boosted its position in J.C. Penney Company, Inc. Holding by 13.9% during the second quarter. Quinn Opportunity Partners LLC now owns 40,900 shares of the department store operator’s stock worth $190,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Pinebridge Investments L.P. acquired a new position in J.C. Penney Company, Inc. Holding during the second quarter worth about $190,000. Hedge funds and other institutional investors own 72.14% of the company’s stock.

J.C. Penney Company, Inc. Holding Company Profile

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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