Patten & Patten INC Increased J C Penney Co INC (NYSE:JCP) by $3.21 Million as Shares Rose


Patten & Patten Inc increased its stake in J C Penney Co Inc. (NYSE:JCP) by 321.02% based on its latest 2016Q2 regulatory filing with the SEC. Patten & Patten Inc bought 292,125 shares as the company’s stock rose 58.68% with the market. The institutional investor held 383,125 shares of the consumer services company at the end of 2016Q2, valued at $4.24M, up from 91,000 at the end of the previous reported quarter. Patten & Patten Inc who had been investing in J C Penney Co Inc. for a number of months, seems to be bullish on the $2.98B market cap company. The stock is down 2.47% or $0.24 hitting $9.66, despite the positive news. About 2.18M shares traded hands. J C Penney Company Inc (NYSE:JCP) has risen 34.46% since February 8, 2016 and is uptrending. It has outperformed by 17.98% the S&P500.

Patten & Patten Inc is a Tennessee-based institutional investor with more than $1.33 billion AUM in April, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Patten & Patten latest Adv, the fund reported to have 17 full and part-time employees. Among which 7 performing investment advisory and research functions. The institutional investor had more than 800 clients.

The institutional sentiment increased to 1.21 in 2016 Q2. Its up 0.30, from 0.91 in 2016Q1. The ratio increased, as 66 funds sold all JCP shares owned while 61 reduced positions. 44 funds bought stakes while 110 increased positions. They now own 266.33 million shares or 7.88% more from 246.88 million shares in 2016Q1.

First Dallas Securities Inc. holds 1.2% of its portfolio in JCP for 175,700 shares. Hennessy Advisors Inc owns 4.11 million shares or 1.11% of their US portfolio. Moreover, Tcw Group Inc has 1.06% invested in the company for 15.85 million shares. The New York-based Phoenix Investment Adviser Llc has invested 0.71% in the stock. Moore Capital Management Lp, a New York-based fund reported 2.00 million shares.

Out of 15 analysts covering J C Penney Company (NYSE:JCP), 6 rate it a “Buy”, 3 “Sell”, while 6 “Hold”. This means 40% are positive. J C Penney Company has been the topic of 19 analyst reports since September 21, 2015 according to StockzIntelligence Inc. Morgan Stanley maintained the stock on August 18 with “Underweight” rating.

J. C. Penney Company, Inc. is a holding company. The company has a market cap of $2.98 billion. The Company’s operating subsidiary is J. It currently has negative earnings. C.

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