J C Penney (JCP) Bond Prices Rise 1.5%

An issue of J C Penney Company Inc (NYSE:JCP) debt rose 1.5% against its face value during trading on Tuesday. The debt issue has a 7.4% coupon and will mature on April 1, 2037. The debt is now trading at $57.75. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

A number of brokerages have weighed in on JCP. Zacks Investment Research cut J C Penney from a “hold” rating to a “sell” rating in a research note on Wednesday, July 18th. Piper Jaffray Companies set a $3.00 price objective on J C Penney and gave the company a “hold” rating in a research note on Tuesday, May 22nd. B. Riley reduced their price objective on J C Penney to $3.00 and set a “neutral” rating for the company in a research note on Friday, May 18th. Susquehanna Bancshares reiterated a “neutral” rating on shares of J C Penney in a research note on Thursday, June 7th. Finally, Morgan Stanley set a $3.00 price objective on J C Penney and gave the company a “hold” rating in a research note on Monday, May 21st. Three equities research analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $3.11.

Shares of NYSE JCP opened at $2.41 on Thursday. The company has a debt-to-equity ratio of 3.31, a current ratio of 1.73 and a quick ratio of 0.21. J C Penney Company Inc has a twelve month low of $2.25 and a twelve month high of $4.75. The company has a market capitalization of $760.58 million, a price-to-earnings ratio of 10.95 and a beta of 0.87.

Several large investors have recently added to or reduced their stakes in JCP. Guggenheim Capital LLC increased its holdings in shares of J C Penney by 103.5% in the fourth quarter. Guggenheim Capital LLC now owns 551,329 shares of the department store operator’s stock valued at $1,742,000 after purchasing an additional 280,399 shares during the period. Two Sigma Advisers LP increased its holdings in shares of J C Penney by 45.2% in the fourth quarter. Two Sigma Advisers LP now owns 69,352 shares of the department store operator’s stock valued at $219,000 after purchasing an additional 21,600 shares during the period. Metropolitan Life Insurance Co. NY acquired a new position in shares of J C Penney in the fourth quarter valued at approximately $272,000. MetLife Investment Advisors LLC acquired a new position in shares of J C Penney in the fourth quarter valued at approximately $352,000. Finally, Rhumbline Advisers increased its holdings in shares of J C Penney by 2.4% in the first quarter. Rhumbline Advisers now owns 759,853 shares of the department store operator’s stock valued at $2,295,000 after purchasing an additional 17,872 shares during the period. 74.33% of the stock is currently owned by institutional investors and hedge funds.

About J C Penney (NYSE:JCP)

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

Further Reading: Diversification

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