J C Penney (NYSE:JCP) Shares Gap Down to $0.84

J C Penney Company Inc (NYSE:JCP)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $0.81, but opened at $0.84. J C Penney shares last traded at $0.81, with a volume of 9,781,013 shares changing hands.

Separately, B. Riley assumed coverage on J C Penney in a research report on Friday, August 16th. They set a “hold” rating and a $1.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $1.55.

The company has a 50-day simple moving average of $0.72 and a two-hundred day simple moving average of $1.10. The company has a debt-to-equity ratio of 4.86, a quick ratio of 0.21 and a current ratio of 1.37. The firm has a market capitalization of $299.72 million, a P/E ratio of -0.86 and a beta of 1.53.

J C Penney (NYSE:JCP) last posted its quarterly earnings data on Thursday, August 15th. The department store operator reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.14. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.62 billion. J C Penney had a negative return on equity of 29.24% and a negative net margin of 2.38%. The business’s revenue was down 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.38) EPS. As a group, research analysts forecast that J C Penney Company Inc will post -1.22 earnings per share for the current fiscal year.

In other J C Penney news, Director Javier G. Teruel bought 500,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was purchased at an average cost of $0.59 per share, for a total transaction of $295,000.00. Following the completion of the acquisition, the director now owns 9,443,552 shares of the company’s stock, valued at $5,571,695.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ronald W. Tysoe bought 1,000,000 shares of the stock in a transaction dated Friday, August 16th. The shares were acquired at an average price of $0.59 per share, with a total value of $590,000.00. Following the completion of the acquisition, the director now directly owns 1,352,128 shares of the company’s stock, valued at approximately $797,755.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,830,000 shares of company stock worth $1,125,700. Insiders own 1.41% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in JCP. Bank of Montreal Can lifted its holdings in shares of J C Penney by 400.3% during the first quarter. Bank of Montreal Can now owns 416,498 shares of the department store operator’s stock valued at $621,000 after purchasing an additional 333,256 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of J C Penney by 1.2% during the first quarter. Rhumbline Advisers now owns 935,127 shares of the department store operator’s stock valued at $1,393,000 after purchasing an additional 10,897 shares during the last quarter. Comerica Bank lifted its holdings in shares of J C Penney by 2.9% during the first quarter. Comerica Bank now owns 314,211 shares of the department store operator’s stock valued at $396,000 after purchasing an additional 8,965 shares during the last quarter. Texas Permanent School Fund lifted its holdings in shares of J C Penney by 4.0% during the first quarter. Texas Permanent School Fund now owns 214,627 shares of the department store operator’s stock valued at $320,000 after purchasing an additional 8,234 shares during the last quarter. Finally, Everence Capital Management Inc. lifted its holdings in shares of J C Penney by 171.4% during the first quarter. Everence Capital Management Inc. now owns 113,750 shares of the department store operator’s stock valued at $169,000 after purchasing an additional 71,830 shares during the last quarter. Hedge funds and other institutional investors own 67.15% of the company’s stock.

J C Penney Company Profile (NYSE:JCP)

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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