JC Penney Company Inc Stock Surges on Surprising Q3 Earnings

JC Penney Company Inc Stock Surges on Surprising Q3 Earnings

Zacks Investment Research cut shares of J.C. Penney Company, Inc. Inc. ( JCP ), however, jumped more than 14% after reporting financial results for the third quarter. Riley Analysts Give J.C. Penney Company, Inc.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business.

Now J.C. Penney Company Inc (NYSE:JCP)'s shares owned by insiders are 1.9%, whereas shares owned by institutional owners are 73.5%. Wall Street analysts covering the stock are projecting that the stock will reach $5.71 within the next 52-weeks. Investors Asset Management of Georgia Inc.

Twenty-First Century Fox Inc. GA ADV now owns 37,200 shares of the department store operator's stock valued at $330,000 after buying an additional 1,000 shares in the last quarter. Geode Capital Management LLC boosted its holdings in J.C. Penney Company, Inc. Over the last ninety days, insiders acquired 310,135 shares of company stock valued at $1,111,391. Holding by 33.6% during the 1st quarter. BlackRock Inc. now owns 24,704,238 shares of the department store operator's stock valued at $152,179,000 after purchasing an additional 24,491,676 shares during the last quarter. Rhumbline Advisers raised its position in J.C. Penney Company, Inc. Holding (NYSE JCP) opened at $3.18 on Monday.

Now insiders hold 15,206,086 shares in the business which makes up 4.89% of shares.

Centre slashes GST on 178 mass use items
The Congress had demanded a cap of 18 per cent for all taxes under the Goods and Services Tax regime. The GST Meeting also decided that there will no benefit of input tax credit for restaurants.

The main European stock markets traded lower.

J C Penney Company Inc also notes that its comparable sales for the third quarter of 2017 were up by 1.7%. The company's 50 day moving average is $9.31 and its 200-day moving average is $9.20.

J.C. Penney's net loss widened to $128 million, or 41 cents per share, in the quarter ended October 28, from $67 million, or 22 cents per share, a year earlier, partly because of the heavy discounting. In the year-ago quarter, the company reported revenue of $2.86 billion. Holding had a positive return on equity of 10.55% and a negative net margin of 0.94%. Total net sales fell 1.8% to $2.81 billion from $2.86 billion a year ago. During the same quarter in the prior year, the firm earned ($0.45) EPS. However the company reported $-0.21 earnings per share for the same quarter during past year. At the moment, the average analyst rating for JCP is Hold. Meanwhile, the average 12-month price target from Wall Street analysts is now $3.72, this means that the stock is underpriced by 32.527%. Holding from a "hold" rating to a "sell" rating in a research report on Wednesday, October 11th. Jefferies Group LLC reissued a "hold" rating and issued a $7.00 target price on shares of J.C. Penney Company, Inc. Holding has a consensus rating of "Hold" and an average target price of $5.06.

In other J.C. Penney news, EVP John Joseph Tighe III sold 38,756 shares of the stock in a transaction dated Friday, November 18th. The stock was bought at an average price of $3.62 per share, with a total value of $90,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. "We expect 29% to 35% year-over-year increase in gross merchandise volume growth for this event, as the company benefits from strong online consumer demand driven by aggressive Tmall promotions, a large increase in participating global brands, and contribution from the New Retail marketing effort", wrote analysts led by Youssef Squali. The Company's operating subsidiary is J. C. Penney Corporation, Inc (JCP). There's heightened competition from rival e-commerce site JD.com, which has partnerships with Tencent Holdings Ltd. and Baidu Inc.to drive traffic.

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