Sun, Sep 25, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Retailer J.C. Penney pulls in more hedge funds

Wednesday, September 04, 2013

Komfie Manalo, Opalesque Asia:

Retailer J.C. Penney is attracting investors after activist hedge fund manager William Ackman pulled out from the firm as Glenview Capital became the largest shareholder in J.C. Penney even outstripping George Soros’ shares, various media reported.

A report by Valuewalk.com showed that Larry Robbins’ Glenview Capital raised its J.C. Penney stakes to 9.1% or equivalent to 20,060,830 shares of JCP, up from 8,431,879 shares that it held until the end of Q2. The numbers are larger that Soros Fund’s 19,986,361 shares of JCP as of end June 30.

But Soros remains the top shareholder at JCP as he owns 500,000 call options on the retail firm.

The report added that activist investor Richard Perry of Perry Capital bought an additional three million shares to raise his position at J.C. Penney to 8.6%. Perry is also pushing for a change in the retailers’ board.

In another report, The Journal said that Hayman Capital Management run by Kyle Bass, filed a 5.2% stake in JCP in its latest 13F filing totaling to about 11.4 million shares. With the fresh acquisitions of JCP shares, hedge funds now control more than 21% of the retailer’s stocks.

The ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Star names struggle as smaller hedge funds make hay[more]

    From eFinancialnews.com: Many big-name funds have been hit by sharp reversals in markets, including US government bonds and UK stocks, and have struggled to extricate themselves from positions that have gone bad. According to data group eVestment, hedge funds below $250 million in size are up 4.1% t

  2. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  3. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  4. Comment - ‘Gut feeling’ measurable in hedge fund traders, How hedge fund managers can use blockchain to maximize benefits[more]

    ‘Gut feeling’ measurable in hedge fund traders From Laboratoryequipment.com: “Gut feeling” is an intangible – an automatic hunch – based on prior experience for some people. But the “gut feeling” is actually a measurable response developed in professionals doing some high-risk work, acco

  5. Opalesque Exclusive: Modern investor tools (2): A platform that does the job for you[more]

    Benedicte Gravrand, Opalesque Geneva: A new series on technology providers that assist asset allocators. There is disruption in the investor part of the world of hedge funds, coming from platforms that can replace traditionally-run search and analysis. Here is one of them. L