J.C. Penney Company, Inc. Holding Company (JCP) Shares Up 15.3% Following Strong Earnings

Shares of J.C. Penney Company, Inc. Holding Company (NYSE:JCP) shot up 15.3% during trading on Monday following a better than expected earnings announcement. The stock traded as high as $3.29 and last traded at $3.17. 54,370,100 shares changed hands during mid-day trading, an increase of 182% from the average session volume of 19,264,994 shares. The stock had previously closed at $2.75.

The department store operator reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.10. J.C. Penney Company, Inc. Holding had a positive return on equity of 7.60% and a negative net margin of 1.43%. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the company earned ($0.21) EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year.

Several brokerages recently weighed in on JCP. Zacks Investment Research downgraded J.C. Penney Company, Inc. Holding from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and set a $5.00 target price on shares of J.C. Penney Company, Inc. Holding in a research note on Thursday, August 3rd. BidaskClub upgraded J.C. Penney Company, Inc. Holding from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Deutsche Bank AG increased their target price on J.C. Penney Company, Inc. Holding from $5.50 to $6.50 and gave the company a “hold” rating in a research note on Tuesday, August 8th. Finally, Credit Suisse Group AG downgraded J.C. Penney Company, Inc. Holding to a “sell” rating in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $5.03.

In other news, Director Javier G. Teruel bought 135,135 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was bought at an average cost of $3.64 per share, with a total value of $491,891.40. Following the purchase, the director now owns 518,970 shares of the company’s stock, valued at $1,889,050.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paul J. Brown bought 25,000 shares of the stock in a transaction dated Monday, August 21st. The stock was purchased at an average cost of $3.62 per share, with a total value of $90,500.00. Following the completion of the purchase, the director now directly owns 68,123 shares in the company, valued at approximately $246,605.26. The disclosure for this purchase can be found here. Insiders have purchased a total of 310,135 shares of company stock valued at $1,111,391 over the last ninety days. Insiders own 1.02% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL increased its stake in shares of J.C. Penney Company, Inc. Holding by 12.8% in the 1st quarter. Tudor Investment Corp ET AL now owns 22,900 shares of the department store operator’s stock valued at $141,000 after buying an additional 2,600 shares during the period. Blair William & Co. IL increased its stake in shares of J.C. Penney Company, Inc. Holding by 3.1% in the 2nd quarter. Blair William & Co. IL now owns 33,625 shares of the department store operator’s stock valued at $156,000 after buying an additional 1,000 shares during the period. Pinebridge Investments L.P. acquired a new stake in shares of J.C. Penney Company, Inc. Holding in the 2nd quarter valued at $190,000. Quinn Opportunity Partners LLC increased its stake in shares of J.C. Penney Company, Inc. Holding by 13.9% in the 2nd quarter. Quinn Opportunity Partners LLC now owns 40,900 shares of the department store operator’s stock valued at $190,000 after buying an additional 5,000 shares during the period. Finally, Amalgamated Bank increased its stake in shares of J.C. Penney Company, Inc. Holding by 3.0% in the 1st quarter. Amalgamated Bank now owns 48,763 shares of the department store operator’s stock valued at $300,000 after buying an additional 1,432 shares during the period. 70.46% of the stock is owned by institutional investors.

The company has a market cap of $985.05, a P/E ratio of 11.32 and a beta of 0.53. The company has a current ratio of 1.44, a quick ratio of 0.16 and a debt-to-equity ratio of 3.95.

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J.C. Penney Company, Inc. Holding 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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