J.C. Penney Co. (NYSE:JCP)‘s stock had its “hold” rating restated by research analysts at Oppenheimer in a report released on Wednesday, AnalystRatings.Net reports. They currently have a $8.00 target price on the stock, up from their previous target price of $7.00. Oppenheimer’s target price points to a potential downside of 17.18% from the company’s current price.
The analysts wrote, “The Q3 (Oct.) results and Q4 (Jan.) guidance that JCPenney reported today suggest that a turnaround at the chain continues to take hold. Comps are improving albeit against easing comparisons. Clearance activity is moderating and turning less of a drag on margins. JCP is more aggressively controlling costs and preserving capital. We are optimistic that trends at the chain should continue to improve as JCP further pursues its ‘back to basics’ strategy and distances itself from prior, very disruptive, repositioning efforts. JCP is, however, by no means out of the woods. Per our math, sales still need to improve meaningfully in order to take the risk of another capital raise off the table. Our rating on JCP is Perform.”
J.C. Penney Co. (NYSE:JCP) traded down 4.45% on Wednesday, hitting $9.66. The stock had a trading volume of 51,942,684 shares. J.C. Penney Co. has a 52-week low of $6.24 and a 52-week high of $23.10. The stock’s 50-day moving average is $8.24 and its 200-day moving average is $13.01. The company’s market cap is $2.942 billion.
J.C. Penney Co. (NYSE:JCP) last released its earnings data on Wednesday, November 20th. The company reported ($1.81) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($1.72) by $0.09. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the prior year, the company posted ($0.93) earnings per share. The company’s quarterly revenue was down 5.1% on a year-over-year basis. Analysts expect that J.C. Penney Co. will post $-6.07 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “hold” rating on shares of J.C. Penney Co. in a research note to investors on Friday, November 8th. Finally, analysts at Imperial Capital cut their price target on shares of J.C. Penney Co. from $5.00 to $1.00 in a research note to investors on Monday, October 21st. They now have an “underperform” rating on the stock. Eight equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $11.18.
In other J.C. Penney Co. news, CEO Myron Ullman III acquired 112,000 shares of J.C. Penney Co. stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $8.95 per share, for a total transaction of $1,002,400.00. Following the purchase, the chief executive officer now directly owns 112,000 shares of the company’s stock, valued at approximately $1,002,400. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
J. C. Penney Company, Inc (NYSE:JCP), is a holding company.
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