J C Penney Company Inc (NYSE:JCP) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 133,784,875 shares, a drop of 11.2% from the November 15th total of 150,703,495 shares. Based on an average daily volume of 15,486,607 shares, the short-interest ratio is presently 8.6 days. Approximately 46.1% of the company’s stock are sold short.
A number of research firms have commented on JCP. Susquehanna Bancshares lowered J C Penney from a “positive” rating to a “neutral” rating and set a $3.00 target price for the company. in a report on Tuesday, October 31st. Citigroup lifted their target price on J C Penney from $3.00 to $4.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Robert W. Baird set a $3.00 target price on J C Penney and gave the stock a “hold” rating in a report on Sunday, October 29th. Zacks Investment Research downgraded J C Penney from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Finally, Piper Jaffray Companies set a $3.00 price target on J C Penney and gave the stock a “hold” rating in a research note on Friday, October 27th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $4.64.
Several institutional investors have recently made changes to their positions in JCP. SG Americas Securities LLC lifted its position in shares of J C Penney by 52.4% in the third quarter. SG Americas Securities LLC now owns 3,585,977 shares of the department store operator’s stock valued at $13,663,000 after acquiring an additional 1,232,229 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in shares of J C Penney in the second quarter valued at about $5,140,000. Ameriprise Financial Inc. lifted its position in shares of J C Penney by 93.9% in the second quarter. Ameriprise Financial Inc. now owns 1,629,688 shares of the department store operator’s stock valued at $7,577,000 after acquiring an additional 789,312 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its position in shares of J C Penney by 78.2% in the second quarter. Intrinsic Edge Capital Management LLC now owns 1,256,635 shares of the department store operator’s stock valued at $5,843,000 after acquiring an additional 551,645 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of J C Penney by 9.8% in the second quarter. Bank of New York Mellon Corp now owns 3,689,064 shares of the department store operator’s stock valued at $17,154,000 after acquiring an additional 329,909 shares in the last quarter. Institutional investors and hedge funds own 72.73% of the company’s stock.
J C Penney (NYSE:JCP) last released its earnings results on Friday, November 10th. The department store operator reported ($0.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.10. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.77 billion. J C Penney had a positive return on equity of 7.60% and a negative net margin of 1.43%. J C Penney’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) earnings per share. equities analysts anticipate that J C Penney will post 0.07 EPS for the current fiscal year.
J C Penney 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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