JC Penney same-store sales rose double what Wall Street expected

Penney store in Pembroke Pines Fla. J.C. Penney Co. Inc. reports earnings Friday Nov. 10 2017

Inc. are soaring today - up almost 15 percent, to $3.16 as of 11:45 a.m. ET - after the firm posted a surprising same-store sales gain of 1.7 percent in the third quarter. Holding worth $1,442,000 as of its most recent filing with the SEC.

Shares of J.C. Penney (NYSE:JCP) traded up 0.71% during midday trading on Monday, hitting $9.93.

However, on Friday, J.C. Penney reported that its third-quarter results weren't quite as bad as its recent guidance update had suggested. Holding by 3.1% in the second quarter. Penney needs a decent holiday quarter. Holding by 12.8% in the first quarter. The shares went down by -29.1% in value last month. The firm issued a neutral rating and a $7.00 price objective on the department store operator's stock. Finally, Bank of New York Mellon Corp grew its position in shares of J.C. Penney Company, Inc. Holding by 13.9% in the second quarter.

Institutional owners hold 73.50% stake while Insiders ownership held at 1.90% in the company. 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. 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. Moving toward the technical facts, its current distance from 20-Day Simple Moving Average is -12.36% and standing -23.49% away from 50-Day Simple Moving Average while traded down -44.27% from 200-Day Simple Moving Average.

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Oil prices traded mixed as Brent crude futures rose 0.05 percent to trade at $63.96 per barrel, while US WTI crude futures declined 0.07 percent to trade at $57.13 a barrel. The firm has a market capitalization of $975.73, a P/E ratio of 6.28 and a beta of 0.53. Holding Company (NYSE:JCP) from a buy rating to a neutral rating in a report published on Monday, October 30th, MarketBeat.com reports.

Adjusted net loss was ($102) million, or ($0.33) per share, for the third quarter this year compared to an adjusted net loss of ($65) million, or ($0.21) per share, last year. The Return on Equity (ROE) value stands at -9.6%. It also projected per-share profits of between 2 and 8 cents for the year, way down from an earlier outlook of between 40 cents to 65 cents.

JCP has been the topic of a number of analyst reports. A rating of 1 or 2 would represent a Buy, and a 3 rating would signify a Hold on the stock. Holding and gave the stock a "hold" rating in a research report on Friday, October 27th. Holding in a research note on Thursday, September 14th. Holding from a "hold" rating to a "sell" rating in a research report on Wednesday, October 11th. Finally, Deutsche Bank AG raised their target price on J.C. Penney Company, Inc. Analysts mean recommendation for the stock is 3.10. The stock has a consensus rating of "Hold" and an average target price of $5.06. Piedmont Investment Advisors LLC purchased a new position in J.C. Penney Company, Inc.

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