Shares of J.C. Penney Co. Inc. rose 1.9 percent Tuesday, to $12.72, after two institutional investors upped their stakes in Penney’s.
According to regulatory filings with the Securities and Exchange Commission, New York City-based Glenview Capital Management said it now holds a 9.1 percent stake in Penney’s, or 20.1 million shares. That makes Glenview the largest institutional stakeholder of Penney’s stock.
Close behind is George Soros of Soros Fund Management. Soros, also at 9.1 percent, holds 19.98 million shares.
Also upping its stake in Penney’s is J. Kyle Bass’ Hayman Capital Management, which has taken a 5.2 percent holding, or 11.4 million shares, in the retailer. Bass, who founded the Dallas-based hedge fund, made his name betting against subprime mortgage bonds before the housing crash.
The investor, who is chairman of Barneys New York and designer Lisa Perry’s husband, is known for betting on distressed companies and began building his Penney’s stake in July. While Perry had sided with former Penney’s board member William Ackman of Pershing Square Capital Management in seeking a permanent chief executive officer for the retailer to succeed Myron “Mike” Ullman 3rd, some financial sources said his overall view is more aligned with Soros’ long-term vision of the merits of Penney’s as an investment.
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