J C Penney (JCP) Trading Down 5.1%

J C Penney Company Inc (NYSE:JCP) dropped 5.1% during trading on Friday . The company traded as low as $2.52 and last traded at $2.62. Approximately 25,850,503 shares were traded during mid-day trading, an increase of 44% from the average daily volume of 17,935,400 shares. The stock had previously closed at $2.76.

JCP has been the subject of a number of research reports. Zacks Investment Research raised J C Penney from a “sell” rating to a “hold” rating in a research note on Tuesday, May 22nd. Piper Jaffray Companies set a $3.00 price objective on J C Penney and gave the company a “hold” rating in a research note on Tuesday, May 22nd. Morgan Stanley set a $3.00 price objective on J C Penney and gave the company a “hold” rating in a research note on Monday, May 21st. B. Riley set a $4.00 price objective on J C Penney and gave the company a “hold” rating in a research note on Monday, March 5th. Finally, Guggenheim reissued a “hold” rating on shares of J C Penney in a research note on Friday, March 2nd. Three equities research analysts have rated the stock with a sell rating and seventeen have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $3.93.

The stock has a market cap of $867.44 million, a PE ratio of 11.91 and a beta of 0.70. The company has a debt-to-equity ratio of 3.31, a current ratio of 1.73 and a quick ratio of 0.21.

J C Penney (NYSE:JCP) last announced its earnings results on Thursday, May 17th. The department store operator reported ($0.22) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.22). The company had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.62 billion. J C Penney had a negative return on equity of 1.62% and a negative net margin of 0.11%. J C Penney’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.01 earnings per share. analysts predict that J C Penney Company Inc will post 0.01 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of J C Penney by 1.2% during the fourth quarter. BlackRock Inc. now owns 39,458,918 shares of the department store operator’s stock valued at $124,688,000 after buying an additional 467,922 shares during the last quarter. Aristotle Fund L.P. boosted its position in shares of J C Penney by 420.2% during the first quarter. Aristotle Fund L.P. now owns 4,739,000 shares of the department store operator’s stock valued at $14,312,000 after buying an additional 3,828,000 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of J C Penney by 4.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 4,219,802 shares of the department store operator’s stock valued at $12,744,000 after buying an additional 172,468 shares during the last quarter. Contrarius Investment Management Ltd bought a new stake in J C Penney during the first quarter worth $11,591,000. Finally, Intrinsic Edge Capital Management LLC lifted its holdings in J C Penney by 744.0% during the first quarter. Intrinsic Edge Capital Management LLC now owns 2,849,879 shares of the department store operator’s stock worth $8,607,000 after acquiring an additional 2,512,208 shares during the period. 73.35% of the stock is currently owned by institutional investors.

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, home furnishings, and large appliances; and provides services, including styling salon, optical, portrait photography, custom decorating, and home services.

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