J C Penney (JCP) Shares Gap Down on Disappointing Earnings

Shares of J C Penney Company Inc (NYSE:JCP) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $1.09, but opened at $1.07. J C Penney shares last traded at $1.00, with a volume of 106087 shares.

The department store operator reported ($0.46) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.07). J C Penney had a negative return on equity of 24.80% and a negative net margin of 2.12%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the prior year, the business posted ($0.22) earnings per share. J C Penney’s revenue was down 5.6% on a year-over-year basis.

Several brokerages recently issued reports on JCP. B. Riley set a $1.00 price objective on J C Penney and gave the stock a “hold” rating in a report on Friday, May 17th. Zacks Investment Research lowered J C Penney from a “buy” rating to a “strong sell” rating in a report on Wednesday, May 1st. Six research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $2.53.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MetLife Investment Advisors LLC raised its holdings in J C Penney by 103.9% during the first quarter. MetLife Investment Advisors LLC now owns 142,487 shares of the department store operator’s stock valued at $212,000 after buying an additional 72,608 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in J C Penney during the first quarter valued at about $352,000. Schonfeld Strategic Advisors LLC raised its holdings in J C Penney by 474.4% during the first quarter. Schonfeld Strategic Advisors LLC now owns 538,600 shares of the department store operator’s stock valued at $803,000 after buying an additional 444,836 shares in the last quarter. Natixis raised its holdings in J C Penney by 9.1% during the first quarter. Natixis now owns 1,287,783 shares of the department store operator’s stock valued at $1,893,000 after buying an additional 107,388 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in J C Penney by 799.5% during the first quarter. Pinebridge Investments L.P. now owns 449,505 shares of the department store operator’s stock valued at $670,000 after buying an additional 399,535 shares in the last quarter. Institutional investors own 73.25% of the company’s stock.

The company has a quick ratio of 0.27, a current ratio of 1.52 and a debt-to-equity ratio of 3.35. The firm has a market cap of $333.45 million, a price-to-earnings ratio of -1.07 and a beta of 1.05.

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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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