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JC Penney's same-store sales come in above its estimates
12 November 2017, 01:38 | Sammy Green
JC Penney Shares Are Popping on Surprisingly Strong Sales
Excluding certain items, the company lost 33 cents per share, less than 40 to 45 cents lost it had previously estimated.
"You're going to see in our new holiday campaign a huge emphasis on value and price", J.C. Penney CEO Marvin Ellison said on a call to discuss earnings, noting that where the retailer did not have a centralized pricing strategy just over a year ago, it would now be aggressive on pricing online and in stores. Holding from a "positive" rating to a "neutral" rating in a research note on Monday, October 30th.
Ellison said on Friday that J.C. Penney will not need to liquidate inventory again in the fourth quarter. Holding from a "hold" rating to a "sell" rating in a research report on Wednesday, October 11th. At the moment, the average analyst rating for JCP is Hold. Analyst had projected a 43 cents loss. Holding presently has an average rating of Hold and a consensus target price of $5.06.
In other J.C. Penney Company, Inc. Holding (NYSE:JCP) traded up $0.42 during trading on Friday, hitting $3.17. Holding has a 1-year low of $2.35 and a 1-year high of $10.74. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.45 and a quick ratio of 0.24. The stock exchanged hands 24.56 Million shares versus average trading capacity of 18.92 Million shares, yielding a market cap of $919.46 Million.
The early rally by J.C. Penney came after the department store operator reported a narrower than expected third quarter loss on better than expected revenues. J.C. Penney had a negative net margin of 2.56% and a negative return on equity of 4.66%. In the year-ago quarter, the company reported revenue of $2.86 billion. Holding's quarterly revenue was down 1.8% on a year-over-year basis. analysts predict that J.C. Penney Company, Inc. During the same quarter in the previous year, the business earned ($0.21) EPS.
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In other news, Director Paul J. Brown acquired 25,000 shares of the business's stock in a transaction on Monday, August 21st. LS Investment Advisors LLC now owns 19,098 shares of the department store operator's stock valued at $170,000 after buying an additional 7,731 shares in the last quarter.
Twenty-First Century Fox Inc. The disclosure for this purchase can be found here. 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. Tudor Investment Corp ET AL increased its stake in J.C. Penney Company, Inc. Holding in the second quarter worth approximately $311,000.
Shares of J.C. Penney Co. Insiders acquired 310,135 shares of company stock valued at $1,111,391 in the last ninety days. Holding by 10.6% in the second quarter.
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