J.C. Penney Co. (JCP) Debt Trading 1.5% Lower

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An issue of J.C. Penney Co. (NYSE:JCP) bonds fell 1.5% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 6.375% coupon and will mature on October 15, 2036. The debt is now trading at $86.25. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
Several brokerages recently weighed in on JCP. Vetr cut shares of J.C. Penney from a “buy” rating to a “hold” rating and set a $10.35 price target on the stock. in a research report on Wednesday, September 7th. Miller Tabak reduced their price target on shares of J.C. Penney from $17.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, May 23rd. Argus restated a “hold” rating on shares of J.C. Penney in a research report on Tuesday, August 16th. Zacks Investment Research upgraded shares of J.C. Penney from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Tuesday, August 16th. Finally, Cowen and Company restated a “market perform” rating and issued a $10.00 price target on shares of J.C. Penney in a research report on Monday, August 15th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. J.C. Penney presently has a consensus rating of “Hold” and a consensus price target of $11.52.
Shares of J.C. Penney Co. (NYSE:JCP) opened at 9.58 on Thursday. The stock’s market capitalization is $2.95 billion. J.C. Penney Co. has a 52-week low of $6.00 and a 52-week high of $11.99. The firm’s 50 day moving average is $9.81 and its 200 day moving average is $9.44.

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J.C. Penney (NYSE:JCP) last issued its earnings results on Friday, August 12th. The department store operator reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. J.C. Penney had a negative return on equity of 10.18% and a negative net margin of 3.11%. The business earned $2.92 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the company earned ($0.41) EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts expect that J.C. Penney Co. will post $0.16 earnings per share for the current year.
In related news, Chairman Marvin R. Ellison bought 50,000 shares of the business’s stock in a transaction on Thursday, August 25th. The stock was acquired at an average cost of $9.92 per share, with a total value of $496,000.00. Following the purchase, the chairman now directly owns 2,557,317 shares of the company’s stock, valued at $25,368,584.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.28% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of JCP. Norges Bank bought a new stake in shares of J.C. Penney during the fourth quarter worth about $15,122,000. Virginia Retirement System acquired a new stake in shares of J.C. Penney during the first quarter worth about $404,000. IFP Advisors Inc increased its stake in shares of J.C. Penney by 2.8% in the first quarter. IFP Advisors Inc now owns 18,093 shares of the department store operator’s stock worth $200,000 after buying an additional 496 shares during the last quarter. CIBC World Markets Inc. acquired a new stake in shares of J.C. Penney during the first quarter worth about $303,000. Finally, Pacad Investment Ltd. increased its stake in shares of J.C. Penney by 136.2% in the first quarter. Pacad Investment Ltd. now owns 76,308 shares of the department store operator’s stock worth $844,000 after buying an additional 44,008 shares during the last quarter. 88.62% of the stock is owned by institutional investors and hedge funds.
About J.C. Penney
J. C. Penney Company, Inc is a holding company. The Company’s operating subsidiary is J. C. Penney Corporation, Inc (JCP). The Company’s business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com, which utilizes optimized applications for desktop, mobile and tablet devices.

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