J C Penney Company Inc (JCP)’s Trend Down, Especially After Forming a Bearish Multiple Bottom Chart Pattern

July 18, 2017 - By Winifred Garcia

Investors sentiment decreased to 0.98 in 2016 Q4. Its down 0.09, from 1.07 in 2016Q3. It fall, as 50 investors sold J C Penney Company Inc shares while 97 reduced holdings. 57 funds opened positions while 87 raised stakes. 247.74 million shares or 5.69% less from 262.69 million shares in 2016Q3 were reported.
Federated Incorporated Pa holds 0% or 165,477 shares. Bancorp Of America Corp De holds 0% of its portfolio in J C Penney Company Inc (NYSE:JCP) for 1.34 million shares. Prelude Cap Mngmt Limited Liability Corporation holds 28,121 shares or 0.03% of its portfolio. 52,400 are owned by Thrivent Fin For Lutherans. Kcg Hldgs holds 0.05% or 240,985 shares. 128,600 were reported by Franklin. Product Prns Ltd Liability Co invested 0.33% of its portfolio in J C Penney Company Inc (NYSE:JCP). Horrell Capital Mngmt holds 27,260 shares or 0.14% of its portfolio. Lazard Asset Management Limited invested 0.34% of its portfolio in J C Penney Company Inc (NYSE:JCP). Guggenheim Cap Ltd Llc reported 763,257 shares stake. Gamco Invsts Et Al holds 420,600 shares or 0.02% of its portfolio. Lmr Ltd Liability Partnership invested in 39,192 shares. Blackrock Institutional Trust Na holds 0.01% or 9.20M shares in its portfolio. Gam Hldgs Ag stated it has 0.01% of its portfolio in J C Penney Company Inc (NYSE:JCP). Concert Wealth Mngmt has invested 0.06% of its portfolio in J C Penney Company Inc (NYSE:JCP).

The stock of J C Penney Company Inc (JCP) shows a multiple bottoms pattern with $4.85 target or 5.00 % below today’s $5.10 share price. The 8 months chart pattern indicates high risk for the $1.63B company. It was reported on Jul, 18 by Finviz.com. If the $4.85 price target is reached, the company will be worth $81.50M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 3.24% or $0.16 on July 17, reaching $5.1. About shares traded. J C Penney Company Inc (NYSE:JCP) has declined 40.00% since July 18, 2016 and is downtrending. It has underperformed by 56.70% the S&P500.

J C Penney Company Inc (NYSE:JCP) Ratings Coverage

Among 26 analysts covering J.C. Penney Company (NYSE:JCP), 6 have Buy rating, 4 Sell and 16 Hold. Therefore 23% are positive. J.C. Penney Company had 50 analyst reports since July 22, 2015 according to SRatingsIntel. The stock of J C Penney Company Inc (NYSE:JCP) has “Buy” rating given on Tuesday, August 4 by Piper Jaffray. On Sunday, August 16 the stock rating was maintained by Sterne Agee CRT with “Hold”. The stock of J C Penney Company Inc (NYSE:JCP) earned “Market Perform” rating by Oppenheimer on Tuesday, May 23. The stock of J C Penney Company Inc (NYSE:JCP) earned “Underperform” rating by Imperial Capital on Thursday, August 27. The rating was upgraded by Sterne Agee CRT on Monday, September 28 to “Buy”. As per Monday, May 15, the company rating was downgraded by Robert W. Baird. The rating was upgraded by Evercore on Wednesday, August 5 to “Hold”. The firm has “Outperform” rating given on Monday, January 9 by Telsey Advisory Group. The firm has “Neutral” rating by Credit Suisse given on Friday, January 29. On Friday, September 30 the stock rating was initiated by Guggenheim with “Neutral”.

More notable recent J C Penney Company Inc (NYSE:JCP) news were published by: Seekingalpha.com which released: “JC Penney – Recent Developments And Management’s Credibility, Part 2” on July 12, 2017, also Seekingalpha.com with their article: “JC Penney: Not A Buy Yet” published on July 13, 2017, Investorplace.com published: “What Are the Chances of JC Penney Company Inc Revival? (JCP)” on June 22, 2017. More interesting news about J C Penney Company Inc (NYSE:JCP) were released by: Bizjournals.com and their article: “Exclusive: JC Penney playing in $20B industry with new in-store, online toy …” published on July 12, 2017 as well as Thestreet.com‘s news article titled: “JC Penney’s Stock Has Crashed, but This Analyst Hints the Vicious Selling Is Over” with publication date: June 27, 2017.

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