J C Penney Company Inc (NYSE:JCP) Expected to Announce Quarterly Sales of $2.68 Billion

Equities analysts expect J C Penney Company Inc (NYSE:JCP) to announce $2.68 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for J C Penney’s earnings. The lowest sales estimate is $2.65 billion and the highest is $2.69 billion. J C Penney posted sales of $2.83 billion in the same quarter last year, which would indicate a negative year over year growth rate of 5.3%. The firm is scheduled to issue its next quarterly earnings results on Thursday, August 15th.

On average, analysts expect that J C Penney will report full-year sales of $11.46 billion for the current financial year, with estimates ranging from $11.34 billion to $11.53 billion. For the next financial year, analysts expect that the firm will report sales of $11.35 billion, with estimates ranging from $11.09 billion to $11.51 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for J C Penney.

J C Penney (NYSE:JCP) last posted its quarterly earnings data on Tuesday, May 21st. The department store operator reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.07). J C Penney had a negative net margin of 2.78% and a negative return on equity of 33.29%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter last year, the business earned ($0.22) earnings per share. The business’s quarterly revenue was down 5.6% on a year-over-year basis.

A number of research firms have commented on JCP. Zacks Investment Research downgraded W. R. Grace & Co from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. B. Riley set a $2.00 target price on Ascena Retail Group and gave the company a “hold” rating in a report on Friday, May 17th. Six investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has a consensus rating of “Sell” and an average price target of $2.53.

J C Penney stock traded down $0.18 during midday trading on Monday, reaching $0.90. The company’s stock had a trading volume of 22,275,543 shares, compared to its average volume of 4,543,145. J C Penney has a fifty-two week low of $0.80 and a fifty-two week high of $2.65. The company has a quick ratio of 0.24, a current ratio of 1.51 and a debt-to-equity ratio of 4.75. The company’s 50 day simple moving average is $1.09. The company has a market capitalization of $342.16 million, a price-to-earnings ratio of -0.95 and a beta of 1.58.

In other news, Director Javier G. Teruel purchased 223,419 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $0.98 per share, with a total value of $218,950.62. Following the purchase, the director now directly owns 1,045,903 shares of the company’s stock, valued at approximately $1,024,984.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.41% of the company’s stock.

Several large investors have recently added to or reduced their stakes in JCP. BlackRock Inc. raised its stake in J C Penney by 2.3% in the 4th quarter. BlackRock Inc. now owns 43,382,574 shares of the department store operator’s stock valued at $45,118,000 after purchasing an additional 991,873 shares during the last quarter. Newport Trust Co grew its holdings in J C Penney by 0.4% in the 1st quarter. Newport Trust Co now owns 14,223,304 shares of the department store operator’s stock valued at $21,193,000 after buying an additional 50,780 shares during the period. Spark Investment Management LLC grew its holdings in J C Penney by 83.7% in the 1st quarter. Spark Investment Management LLC now owns 4,070,534 shares of the department store operator’s stock valued at $6,065,000 after buying an additional 1,854,534 shares during the period. SG Americas Securities LLC grew its holdings in J C Penney by 4,841.8% in the 1st quarter. SG Americas Securities LLC now owns 3,885,428 shares of the department store operator’s stock valued at $5,789,000 after buying an additional 3,806,804 shares during the period. Finally, Northern Trust Corp grew its holdings in J C Penney by 2.5% in the 4th quarter. Northern Trust Corp now owns 3,781,122 shares of the department store operator’s stock valued at $3,932,000 after buying an additional 91,404 shares during the period. 70.54% of the stock is owned by institutional investors and hedge funds.

About J C Penney

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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