JCPenney news for Tuesday includes JCP stock jumping after a large purchase of shares.
JCPenney (NYSE:JCP) released a filing with the U.S. Securities and Exchange Commission notifying it about the change in ownership of JCP shares. The buyer of the shares is company Chairman Ronald Tysoe.
Tysoe bought a total of 1 million shares of JCP stock. He did this on Aug. 16. The shares were bought in multiple transactions that valued them between 55.7 cents and 62.2 cents. The average price for the shares was 59 cents each. That means he paid roughly $590,000 for the shares of JCP stock.
The JCPenney news about Tysoe buying up shares of its stock comes after JCP hit a low of 55 cents on Aug. 16. This low price is likely one of the reasons that the Chairman grabbed extra shares of the stock.
So why exactly was JCP stock so low on Aug. 16? That’s one day after the company released its earnings report for the second quarter of 2019. Mixed results for the quarter weren’t a positive for the stock.
More recent JCPenney news includes a deal that will have it selling used clothing at select stores. This comes from a partnership with thredUP. The company is hoping that this new offering will allow it to attract more eco-friendly customers to its stores.
JCP stock was up 7% as of noon Tuesday, but is down 48% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.