JC Penney Stock Surges After Crushing Q3 Forecasts

The entrance of a J.C. Penney store

Looking back over the last month, shares have performed -29.10%.

By contrast, it will be challenging for J.C. Penney to deliver the gross margin recovery that management is projecting for the fourth quarter.

For the third quarter, cost of goods sold, which excludes depreciation and amortization, was $1.85 billion, or 66.0 % of sales, compared to $1.80 billion, or 62.8 % of sales in the same period previous year. Rhumbline Advisers raised its position in J.C. Penney Company, Inc. Cambridge Investment Research Advisors Inc. raised its position in J.C. Penney Company, Inc. TCW Group Inc. now owns 15,851,908 shares of the department store operator's stock worth $140,765,000 after buying an additional 1,511,885 shares in the last quarter. Most company stocks have very little volatility. Finally, Teachers Advisors Inc. raised its stake in J.C. Penney by 13.3% in the second quarter. Holding (NYSE JCP) opened at $3.18 on Monday. The relative volume (ratio between current volume and 3-month average) is presently sitting at 1.00. Over the last ninety days, insiders acquired 310,135 shares of company stock valued at $1,111,391. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.45 and a quick ratio of 0.24. Holding (NYSE:JCP) last posted its earnings results on Thursday, November 9th.

In case of Revenue Estimates, 19 analysts have provided their consensus Average Revenue Estimates for J. C. Penney Company, Inc.as 2.74 Billion.

The company lost $0.33 per share, considerably less than the $0.40 to 0.45 it had anticipated as net sales dropped 2% to $2.81bn, which was also ahead of analysts' forecasts for $2.77bn. Cowen and Company set a $6.00 price objective on J.C. Penney Company, Inc.

JCP has been the topic of a number of other research reports. Citigroup Inc. upped their target price on J.C. Penney Company, Inc. BidaskClub upgraded J.C. Penney Company, Inc. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.

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. J.C. Penney has a variety of initiatives in place to offset these headwinds, but they haven't been sufficient recently. Thus, at least one part of J.C. Penney's forecast doesn't seem especially conservative. Meanwhile, the average 12-month price target from Wall Street analysts is now $42.61, this means that the stock is overpriced by -7.932%.

In Asian markets, Japan's Nikkei Stock Average fell 0.82 percent, Hong Kong's Hang Seng Index declined 0.05 percent, China's Shanghai Composite Index climbed 0.14 percent and India's BSE Sensex gained 0.19 percent. Penney's net loss rose to $128 million, or a loss of 41 cents per share, from $67 million, or a loss of 22 cents per share, a year earlier. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

In other J.C. Penney Company, Inc.

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