JC Penney rallies as FQ3 not as bad as feared

JC Penney rallies as FQ3 not as bad as feared

LS Investment Advisors LLC now owns 19,098 shares of the department store operator's stock valued at $170,000 after buying an additional 7,731 shares in the last quarter.

Sales and earnings are also not as bad as analysts predicted. Holding from a sell rating to a buy rating and set a $5.75 price target on the stock in a research report on Tuesday, July 18th.

Media headlines about J.C. Penney Company, Inc. Guggenheim initiated coverage on J.C. Penney in a report on Friday, September 30th. Analysts reported that the Price Target for J. C. Penney Company, Inc. might touch $5 high while the Average Price Target and Low price Target is $3.34 and $1.5 respectively. Even so, the company's earnings topped Wall Street's forecasts. UBS AG downgraded shares of J.C. Penney Company, Inc. Holding from a "sell" rating to a "hold" rating in a research note on Saturday, August 26th. Also, Director Paul J. Brown acquired 25,000 shares of J.C. Penney Company, Inc. Holding (NYSE:JCP) traded up $0.42 during mid-day trading on Monday, hitting $3.17. Shikiar Asset Management Inc. now owns 52,700 shares of the department store operator's stock valued at $468,000 after buying an additional 2,200 shares in the last quarter.

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The early rally by J.C. Penney came after the department store operator reported a narrower than expected third quarter loss on better than expected revenues. The Return on Equity (ROE) value stands at -9.6%. The company earned $2.86 billion during the quarter, compared to the consensus estimate of $2.95 billion. Holding will post 0.06 earnings per share for the current fiscal year.

A good method of evaluating a public company's profitability is by taking a look at its Earnings per Share (EPS) performance. 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). Quinn Opportunity Partners LLC increased its stake in J.C. Penney Company, Inc. "Holding Company (NYSE:JCP) Given a $4.00 Price Target at Cowen and Company" was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this piece on another site, it was illegally copied and reposted in violation of USA & global copyright and trademark laws. The original version of this article can be viewed at https://stocknewstimes.com/2017/11/11/j-c-penney-company-inc-holding-company-jcp-given-a-4-00-price-target-at-cowen-and-company.html.

In related news, CFO Jeffrey A. Davis purchased 50,000 shares of the firm's stock in a transaction on Tuesday, August 22nd. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired 310,135 shares of company stock valued at $1,111,391 in the last ninety days. The company's beta value is at 0.48. The disclosure for this purchase can be found here. However the six-month change in the insider ownership was recorded 5.13%, as well as three-month change in the institutional ownership was recorded -0.11%. Finally, Citigroup Inc. upped their price target on J.C. Penney Company, Inc. Holding during the second quarter worth about $311,000.

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