J C Penney (NYSE:JCP) Shares Up 15.3% After Insider Buying Activity

J C Penney Company Inc (NYSE:JCP)’s stock price was up 15.3% on Tuesday after an insider bought additional shares in the company. The company traded as high as $0.85 and last traded at $0.98, approximately 18,323,536 shares changed hands during mid-day trading. An increase of 65% from the average daily volume of 11,126,318 shares. The stock had previously closed at $0.85.

Specifically, EVP Michelle Wlazlo bought 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was bought at an average price of $0.59 per share, with a total value of $59,000.00. Following the acquisition, the executive vice president now owns 1,000,100 shares of the company’s stock, valued at approximately $590,059. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ronald W. Tysoe purchased 1,000,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $0.59 per share, with a total value of $590,000.00. Following the purchase, the director now directly owns 1,352,128 shares in the company, valued at approximately $797,755.52. The disclosure for this purchase can be found here. Insiders purchased 1,830,000 shares of company stock valued at $1,125,700 in the last ninety days. 1.41% of the stock is currently owned by corporate insiders.

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

The company has a debt-to-equity ratio of 4.86, a current ratio of 1.37 and a quick ratio of 0.21. The stock has a market capitalization of $244.54 million, a PE ratio of -1.04 and a beta of 1.53. The firm has a fifty day moving average price of $0.69 and a two-hundred day moving average price of $1.12.

J C Penney (NYSE:JCP) last issued its earnings results on Thursday, August 15th. The department store operator reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.14. The business had revenue of $2.51 billion during 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 for the quarter was down 9.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.38) EPS. On average, research analysts expect that J C Penney Company Inc will post -1.22 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of JCP. Regentatlantic Capital LLC acquired a new position in shares of J C Penney during the first quarter worth $41,000. Marshall Wace North America L.P. purchased a new stake in shares of J C Penney during the first quarter worth about $41,000. Magnus Financial Group LLC acquired a new position in shares of J C Penney during the first quarter valued at about $53,000. Stone Ridge Asset Management LLC purchased a new position in shares of J C Penney in the 2nd quarter valued at approximately $74,000. Finally, Millennium Management LLC raised its position in shares of J C Penney by 157.8% in the 4th quarter. Millennium Management LLC now owns 75,468 shares of the department store operator’s stock valued at $78,000 after purchasing an additional 46,192 shares during the last quarter. Institutional investors own 68.37% 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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