Wall Street brokerages expect J C Penney Company Inc (NYSE:JCP) to post $2.83 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for J C Penney’s earnings. The highest sales estimate is $2.84 billion and the lowest is $2.81 billion. J C Penney posted sales of $2.81 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 0.7%. The firm is expected to report its next earnings results on Friday, November 9th.
On average, analysts expect that J C Penney will report full year sales of $12.25 billion for the current financial year, with estimates ranging from $12.01 billion to $12.34 billion. For the next financial year, analysts anticipate that the business will post sales of $12.16 billion, with estimates ranging from $11.90 billion to $12.35 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for J C Penney.
J C Penney (NYSE:JCP) last issued its quarterly earnings results on Thursday, August 16th. The department store operator reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.32). The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. J C Penney had a negative net margin of 0.43% and a negative return on equity of 8.98%. The company’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) EPS.
JCP has been the topic of several research reports. Piper Jaffray Companies restated a “hold” rating and set a $1.50 price objective on shares of J C Penney in a research note on Friday, August 17th. Deutsche Bank dropped their price target on J C Penney from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday, August 17th. B. Riley dropped their price target on J C Penney from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Friday, August 17th. Zacks Investment Research upgraded J C Penney from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Finally, Telsey Advisory Group dropped their price target on J C Penney from $3.00 to $2.00 and set a “market perform” rating on the stock in a research report on Friday, August 17th. Six equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $3.20.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hodges Capital Management Inc. lifted its holdings in shares of J C Penney by 39.8% in the third quarter. Hodges Capital Management Inc. now owns 2,791,000 shares of the department store operator’s stock valued at $4,633,000 after purchasing an additional 794,750 shares in the last quarter. First Trust Advisors LP raised its holdings in J C Penney by 64.2% during the third quarter. First Trust Advisors LP now owns 1,055,709 shares of the department store operator’s stock valued at $1,752,000 after buying an additional 412,656 shares in the last quarter. Northern Trust Corp raised its holdings in J C Penney by 1.5% during the second quarter. Northern Trust Corp now owns 3,675,774 shares of the department store operator’s stock valued at $8,602,000 after buying an additional 54,458 shares in the last quarter. Natixis raised its holdings in J C Penney by 13.7% during the second quarter. Natixis now owns 1,183,549 shares of the department store operator’s stock valued at $2,770,000 after buying an additional 142,795 shares in the last quarter. Finally, CSat Investment Advisory L.P. bought a new position in J C Penney during the second quarter valued at about $222,000. 70.74% of the stock is owned by hedge funds and other institutional investors.
JCP traded down $0.08 on Friday, reaching $1.47. The company’s stock had a trading volume of 463,789 shares, compared to its average volume of 15,859,456. The company has a market capitalization of $490.29 million, a P/E ratio of 6.68 and a beta of 0.97. J C Penney has a 1 year low of $1.31 and a 1 year high of $4.75. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.20 and a current ratio of 1.63.
About J C Penney
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, home furnishings, and large appliances; and provides services, including styling salon, optical, portrait photography, custom decorating, and home services.
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