JC Penney Lowered Its Goals, Then Beat Them

Alicia Cross
November 11, 2017

Holding during the second quarter worth about $311,000.

Total sales for the quarter were down 1.8% to $2.18 billion, with company officials pointing to the closure of 139 stores as the key reason for the decline. Rhumbline Advisers raised its position in J.C. Penney Company, Inc. Vanguard Group Inc. now owns 23,858,033 shares of the department store operator's stock valued at $146,966,000 after purchasing an additional 1,270,459 shares during the last quarter. The stock was acquired at an average cost of $3.62 per share, for a total transaction of $181,000.00. Hedge funds and other institutional investors own 71.99% of the company's stock. Piedmont Investment Advisors LLC purchased a new position in J.C. Penney Company, Inc. Holding (NYSE JCP) opened at $3.18 on Monday.

Stock: Shares jumped 10% to 3.07 in premarket trading on the stock market today, after hitting a record-low 2.35 earlier this week.

Germany's 10-year bond yield edged up for the first time in more than a week and the euro and pound were both higher as the long-running saga of USA tax reforms weighed on the dollar.

This particular stock's 5-day moving average is 45.10, its 20-day moving average is 43.60 and its 100-day moving average is 38.08. The company has managed to keep price to sales ratio of 0.06 against an industry average of 4.80.

Analysts await J C Penney Company Inc (NYSE:JCP) to report earnings on November, 10. J.C. Penney has said it expects Q3 same-store sales growth of 0.6%-0.8%, while Consensus Metrix sees a 0.7% gain. The company had revenue of $2.96 billion during the quarter, compared to analysts' expectations of $2.84 billion.

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Adjusted loss per share of $0.33 was better than the $0.40-$0.45 guidance.

On a more encouraging note, free cash flow was roughly flat on a year-over-year basis, as J.C. Penney's inventory reduction efforts offset the negative impact of posting lower earnings. The difference between the expected and actual EPS was $-0.04/share, which represents an Earnings surprise of -80%.

JCP has been the topic of a number of other reports. Citigroup Inc. upped their target price on J.C. Penney Company, Inc.

About J.C. Penney Company, Inc. Deutsche Bank AG reiterated a buy rating on shares of J.C. Penney in a report on Monday, October 31st.

J. C. Penney Company, Inc.'s stock has performed at -66.91%. Northcoast Research lowered J.C. Penney Company, Inc. Whereas 14 of them predict the stock is a hold. Finally, Deutsche Bank AG raised their target price on J.C. Penney Company, Inc. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock.

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