JC Penney rallies as FQ3 not as bad as feared

The entrance of a J.C. Penney store

The entrance of a J.C. Penney store

Citigroup "Maintained" J.C. Penney Company Inc (NYSE:JCP) in a research note issued to investors on 10/31/17 to Sell with price target of $3. Bank of America Corp. upgraded shares of J.C. Penney from a neutral rating to a buy rating and boosted their price objective for the stock from $9.53 to $12.00 in a report on Friday. Holding from a "hold" rating to a "sell" rating in a research report on Wednesday, October 11th. Finally, Quinn Opportunity Partners LLC increased its position in J.C. Penney Company, Inc. The company has a consensus rating of Hold and an average target price of $5.06.

Shares of J.C. Penney (NYSE:JCP) traded up 0.71% during midday trading on Monday, hitting $9.93. A rating of 1 or 2 would represent a Buy, and a 3 rating would signify a Hold on the stock. The mean target price as estimated by the analysts for the company has been recorded at $5.44. One of the more popular combinations is to use the 50-day and 200-day moving averages.

Shares rose almost 13 percent, or 34 cents, to $3.09 in Friday trading.

J.C. Penney Company Inc (NYSE:JCP)'s revenue estimates for the current quarter are $2.74 Billion according to 19 number of analysts, for the current quarter the company has high revenue estimates of $2.87 Billion in contradiction of low revenue estimates of $2.61 Billion.

J. C. Penney Company, Inc. It also posted a smaller-than-expected loss for the third quarter, all news that sent its shares soaring. Likewise, the downbeat performance for the last quarter was -25.75% and for the full year it was -13.22%. The firm's quarterly revenue was down 1.8% on a year-over-year basis.

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J.C. Penney's third quarter comparable store sales came in above its own forecast as the department store retailer cited home products as among the top performers in the three month period ended October 28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders purchased 310,135 shares of company stock valued at $1,111,391 over the last quarter.

Other large investors have also added to or reduced their stakes in the company.

The news stanched, at least for a moment, an extended selloff in company shares, which accelerated last month when the Plano, Texas-based chain warned that it would be forced to liquidate poor-selling merchandise. In it, J.C. Penney acknowledged that getting rid of old inventory and transitioning to a new women's apparel assortment was tougher than expected. Cambridge Investment Research Advisors Inc. now owns 16,721 shares of the department store operator's stock worth $103,000 after buying an additional 4,205 shares during the last quarter.

While looking at the Stock's Performance, J. C. Penney Company, Inc. now shows a Weekly Performance of 7.84%, where Monthly Performance is -20.98%, Quarterly performance is -30.03%, 6 Months performance is -39.56% and yearly performance percentage is -67.11%. This was better than the $0.40 to $0.45 estimate that the company had provided in its guidance update, but worse than its $0.21 per share loss a year earlier.

That said, J.C. Penney does expect gross margin to be flat or up slightly in the fourth quarter.

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