J C Penney (NYSE:JCP) Shares Gap Down to $1.01

J C Penney Company Inc (NYSE:JCP) shares gapped down before the market opened on Tuesday . The stock had previously closed at $1.04, but opened at $1.01. J C Penney shares last traded at $0.96, with a volume of 7,133,779 shares traded.

Separately, B. Riley assumed coverage on shares of J C Penney in a report on Friday, August 16th. They set a “hold” rating and a $1.00 target price on the stock. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $1.44.

The firm has a market capitalization of $321.02 million, a PE ratio of -1.05 and a beta of 1.56. 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 company’s fifty day simple moving average is $0.82 and its 200 day simple moving average is $1.03.



J C Penney (NYSE:JCP) last released its earnings results on Thursday, August 15th. The department store operator reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.14. J C Penney had a negative return on equity of 29.24% and a negative net margin of 2.38%. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the business posted ($0.38) earnings per share. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. On average, analysts anticipate that J C Penney Company Inc will post -1.22 earnings per share for the current fiscal year.

In other news, Director Lisa A. Payne acquired 230,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $0.79 per share, with a total value of $181,700.00. Following the completion of the purchase, the director now owns 517,890 shares of the company’s stock, valued at $409,133.10. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald W. Tysoe bought 1,000,000 shares of J C Penney stock in a transaction dated Friday, August 16th. The shares were bought at an average price of $0.59 per share, for a total transaction of $590,000.00. Following the completion of the transaction, the director now directly owns 1,352,128 shares of the company’s stock, valued at approximately $797,755.52. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 1,830,000 shares of company stock worth $1,125,700. 1.41% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Harbor Spring Capital LLC purchased a new stake in J C Penney in the second quarter valued at approximately $9,567,000. Aperio Group LLC grew its stake in J C Penney by 10.7% in the second quarter. Aperio Group LLC now owns 147,626 shares of the department store operator’s stock valued at $168,000 after purchasing an additional 14,247 shares in the last quarter. Commonwealth Bank of Australia grew its stake in J C Penney by 159.6% in the second quarter. Commonwealth Bank of Australia now owns 1,118,300 shares of the department store operator’s stock valued at $1,271,000 after purchasing an additional 687,500 shares in the last quarter. MetLife Investment Advisors LLC grew its stake in J C Penney by 103.9% in the first quarter. MetLife Investment Advisors LLC now owns 142,487 shares of the department store operator’s stock valued at $212,000 after purchasing an additional 72,608 shares in the last quarter. Finally, A.R.T. Advisors LLC purchased a new position in J C Penney in the second quarter valued at about $956,000. Institutional investors own 66.65% of the company’s stock.

About J C Penney (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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