J C Penney Company Inc (NYSE:JCP) Expected to Announce Quarterly Sales of $2.52 Billion

Analysts predict that J C Penney Company Inc (NYSE:JCP) will announce sales of $2.52 billion for the current quarter, according to Zacks. Two analysts have made estimates for J C Penney’s earnings, with the highest sales estimate coming in at $2.54 billion and the lowest estimate coming in at $2.50 billion. J C Penney reported sales of $2.73 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 7.7%. The firm is scheduled to report its next quarterly earnings report before the market opens on Friday, November 15th.

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According to Zacks, analysts expect that J C Penney will report full year sales of $11.15 billion for the current year, with estimates ranging from $11.08 billion to $11.21 billion. For the next year, analysts forecast that the business will report sales of $10.85 billion, with estimates ranging from $10.80 billion to $10.89 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for J C Penney.

J C Penney (NYSE:JCP) last released its earnings results on Thursday, August 15th. The department store operator reported ($0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.14. J C Penney had a negative net margin of 2.38% and a negative return on equity of 29.24%. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same period last year, the company earned ($0.38) earnings per share. The company’s quarterly revenue was down 9.2% on a year-over-year basis.

Separately, B. Riley assumed coverage on shares of J C Penney in a research report on Friday, August 16th. They issued a “hold” rating and a $1.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $1.44.

Shares of JCP traded down $0.01 during mid-day trading on Tuesday, hitting $1.03. The company had a trading volume of 2,884,127 shares, compared to its average volume of 9,324,588. The business’s 50-day simple moving average is $0.98 and its 200-day simple moving average is $0.97. The company has a quick ratio of 0.21, a current ratio of 1.37 and a debt-to-equity ratio of 4.86. J C Penney has a 1-year low of $0.53 and a 1-year high of $1.91. The stock has a market cap of $333.73 million, a PE ratio of -1.10 and a beta of 1.63.

In other J C Penney news, EVP Michelle Wlazlo purchased 100,000 shares of J C Penney stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $0.59 per share, with a total value of $59,000.00. Following the completion of the transaction, the executive vice president now directly owns 1,000,100 shares in the company, valued at approximately $590,059. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald W. Tysoe purchased 1,000,000 shares of J C Penney stock in a transaction on Friday, August 16th. The shares were acquired at an average cost of $0.59 per share, for a total transaction of $590,000.00. Following the completion of the transaction, the director now owns 1,352,128 shares of the company’s stock, valued at $797,755.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,830,000 shares of company stock worth $1,125,700. 1.41% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in J C Penney by 2.6% during the second quarter. BlackRock Inc. now owns 43,619,119 shares of the department store operator’s stock valued at $49,726,000 after buying an additional 1,085,855 shares in the last quarter. Newport Trust Co raised its stake in shares of J C Penney by 9.7% during the third quarter. Newport Trust Co now owns 16,228,707 shares of the department store operator’s stock valued at $14,426,000 after purchasing an additional 1,441,263 shares during the period. Harbor Spring Capital LLC purchased a new stake in shares of J C Penney during the second quarter valued at approximately $9,567,000. Invesco Ltd. raised its stake in shares of J C Penney by 144.7% during the second quarter. Invesco Ltd. now owns 7,446,322 shares of the department store operator’s stock valued at $8,489,000 after purchasing an additional 4,403,037 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of J C Penney by 10.7% during the second quarter. SG Americas Securities LLC now owns 4,301,068 shares of the department store operator’s stock valued at $4,903,000 after purchasing an additional 415,640 shares during the period. 66.73% of the stock is currently owned by hedge funds and other institutional investors.

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, and home furnishings; and provides services, including styling salon, optical, portrait photography, and custom decorating services.

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Earnings History and Estimates for J C Penney (NYSE:JCP)

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