JC Penney Keeps Luring Big Hedge Funds and 2 Other Hot Stocks to Watch
J.C. Penney Co. (NYSE:JCP): Current price $13.56
Bill Ackman is no longer on the scene at J.C. Penney, and now other hedge funds are buying big positions in the iconic retailer. A recent regulatory filing indicates that Kyle Bass’ Hayman Capital has purchased 11.4 million shares or a 5.2-percent stake in Penney. Now, Larry Robbins’ Glenview Capital Management revealed that it owns 20.1 million shares or 9.1 percent of the company. Last week, calling his investment a “failure”, Ackman divested his entire interest in the company at a huge loss. Meanwhile, shares are up some 6.7 percent Wednesday in very heavy volume.