Heading into the earnings release, covering sell-side analysts have a consensus target price of $3.72 on J. C. Penney Company, Inc. shares. IL increased its position in J.C. Penney Company, Inc.
Free cash flow: expected to be $200 million to $300 million.
Since the start of the New Year, J. C. Penney Company, Inc. Analysts are turning out to be more optimistic than before, with 2 of analysts who cover J. C. Penney Company, Inc. BlackRock Institutional Trust Company N.A. now owns 11,409,164 shares of the department store operator's stock worth $101,313,000 after buying an additional 1,902,149 shares in the last quarter.
Data source: J.C. Penney Q3 earnings report. Piedmont Investment Advisors LLC purchased a new position in J.C. Penney Company, Inc. 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. In particular, the rise in same-store sales was sharply higher than an expected 0.7% increase. The company reported the earnings of $-0.09/Share in the last quarter where the estimated EPS by analysts was $-0.05/share. It ended the quarter with inventory that's 8.8 percent below a year ago.
Ratings analysis reveals 50% of J. C. Penney's analysts are positive.
J. C. Penney Company, Inc is a holding company.
Alibaba Group Holding Ltd.is hosting its Singles Day 2017, or 11/11 Global Shopping Festival, on Saturday and the event is expected to generate sales of RMB155.0 billion to RMB162.0 billion (about $23.34 billion to $24.39 billion), according to SunTrust Robinson Humphrey.
Marvin R. Ellison, chairman and chief executive officer said, "We are encouraged that we delivered positive sales comps for the third quarter". While the company will face a somewhat easier year-over-year comparison, that would still represent a significant break from the recent trend. Northcoast Research lowered J.C. Penney Company, Inc.
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J.C. Penney stock rocketed higher by as much as 20% following the earnings report on Friday.
Japan's Nikkei index saw a wild 2 percent swing after hitting its highest since 1992 and Europe's main indexes were firmly in the red as tech and commodity stocks tumbled and as Brexit talks resumed amid low expectations in Brussels. Clearly, investors are no longer confident in the company's trajectory and don't trust management.
For the third quarter, cost of goods sold, which excludes depreciation and amortization, was $1.85 billion, or 66.0 percent of sales, compared to $1.80 billion, or 62.8 percent of sales in the same period past year. They are projecting Next Quarter growth of -4.7%. Growth in online sales and appliance sales has been putting pressure on gross margin for more than a year now.
J.C. Penney Company, Inc.
Thus, the fourth quarter could be critical for restoring investor trust.
Macy's reported on Thursday that its comparable sales for the third quarter had slipped 3.6 percent year over year.
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Holding and gave the company a hold rating in a research note on Friday, August 11th. That's right - they think these 10 stocks are even better buys.