JC Penney Q3 Loss Wider Than Estimates, But Comps Up; Stock Surges

The entrance of a J.C. Penney store

The entrance of a J.C. Penney store

Rhumbline Advisers now owns 629,809 shares of the department store operator's stock worth $2,929,000 after purchasing an additional 60,340 shares during the last quarter. At the moment, the average analyst rating for JCP is Hold. Holding and gave the stock a "hold" rating in a research note on Friday, August 11th.

Following the J C Penney Q3 2017 earnings release, the company's stock skyrocketed in premarket trading, climbing by as much as 16% to $3.19 per share.

J. C. Penney Company, Inc. has a beta of 3.43, offering the possibility of a higher rate of return, but also posing more risk. Vanguard Group Inc. grew its position in shares of J.C. Penney Company, Inc. Furthermore on 10/30/17 Northcoast Research "Downgrades" the stock to Neutral at $0.

Analysts have given a mean recommendation of 2.00 on this stock (A rating of less than 2 means buy, "hold" within the 3 range, "sell" within the 4 range, and "strong sell" within the 5 range). They often look for the average analyst rating. SG Americas Securities LLC grew its position in shares of J.C. Penney Company, Inc. Citigroup Inc. decreased their price objective on shares of J.C. Penney Company, Inc. Holding has a 1-year low of $2.37 and a 1-year high of $10.74.

Looking forward, the company's quarterly earnings are expected to come at -$0.01 in the three months through September 2017 and $0.01 in the quarter ending December 2017, reflecting -150% growth, respectively. The third largest holder is Evercore Trust Company, N.A., which now holds $34.57 million worth of this stock and that ownership represents almost 3.76% of its market capitalization. Wall Street expected revenues of $2.74 billion for the third-quarter. During the same quarter in the previous year, the company posted ($0.05) EPS.

In terms of earnings per share, 21 analysts have a 0.61 EPS mean target for the quarter ending Jan-17, for the quarter ending Apr-18, 11 analysts have a -0.15 EPS mean target and for the quarter ending Apr-18 there are 18 estimates of 0.03 EPS. The biggest holder now is Mr. Marvin R. Ellison who owns 2,852,280 shares (0.92% of those outstanding), whilst Mr. Allen Questrom holds 1,856,228 (0.60% of shares outstanding) and Myron E. Ullman, III holds 1,273,424 (0.41% of shares outstanding).

ILLEGAL ACTIVITY NOTICE: This piece was originally published by Week Herald and is owned by of Week Herald. If you are viewing this piece on another domain, it was stolen and reposted in violation of United States & worldwide copyright and trademark legislation. The correct version of this piece of content can be read at https://stocknewstimes.com/2017/11/09/j-c-penney-company-inc-holding-company-jcp-shares-sold-by-new-york-state-common-retirement-fund.html. Finally, Quantitative Investment Management LLC purchased a new stake in shares of J.C. Penney Company, Inc.

In related news, EVP John Joseph Tighe III sold 38,756 shares of the business's stock in a transaction dated Friday, November 18th. The company's stock had a trading volume of 7,725,240 shares. The transaction was disclosed in a document filed with the SEC, which is available through this link. The shares were purchased at an average cost of $3.64 per share, with a total value of $491,891.40. $6.25's average target is 149.00% above currents $2.51 stock price. The disclosure for this purchase can be found here. However, the institutional investors are observed to own 73.50% of the total shares. Piedmont Investment Advisors LLC acquired a new stake in J.C. Penney Company, Inc. Holding by 33.6% during the 1st quarter. Holding by 5.6% in the first quarter. Creative Planning now owns 34,051 shares of the department store operator's stock valued at $302,000 after buying an additional 2,389 shares during the period.

J.C. Penney Company, Inc. First Dallas Securities Inc. owns 478,750 shares or 1.63% of their USA portfolio. Hedge funds and other institutional investors own 71.99% of the company's stock.

INC Research Holdings, Inc. The Company's 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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