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J.C. Penney Company, Inc. (NYSE:JCP) draws financial investors attention

Boston, MA, 11/15/2013 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP) in the third quarter of the current financial year has drawn attention from three well known financial investors, while the fourth investor has raised its stake in the company, even as its program to overhaul has not worked and its share prices have fallen.

The three new investors are Highfields Capital, Jana Partners and Farallon Capital Management Group while Glenview Capital, who already owned a big chunk of the company shares, added to its tally.

Highfields Capital run by Jonathon Jacobson bought 3.2 million shares, Jana Partners run by and Barry Rosenstein and Farallon, started by Tom Steyer, bought 500,000 shares each in the retailer in the quarter. This information was given out in filings made with the Securities and Exchange Commission on Thursday. Glenview bought 3.9 million shares to take its tally up to 12.4 million in the quarter.

George Soros whose decisions to invest in which company are followed closely by the market kept the number of shares he owned in the company unchanged at 19.98 million shares.

Two companies that at one time were supporting the company had second thoughts about continuing their association with the company while Perry Capital sold 2 million shares leaving them with 10 million shares in the company, Tiger Consumer Management sold its entire shareholding of 5.43 million shares.

Also Additionally Fidelity Investments informed that the funds being managed by it had sold 3 million shares, reducing its stake in the company by 66%. The company has not given out the names of the funds that held the company shares but said that at the end o the quarter it still owned 1.5 million shares.

In April this year the company and its then Chief Executive Ron Johnson, parted ways as the latter was unable to win back the trust of shoppers or investors during his 17 months stay with the company and it hired back its former CEO Mike Ullman to revive it.

Published by Alan Masterson

Alan has over 25 years of trading experience in the U.S. equity markets. He began his career in finance working on a program trading desk specializing in over-the-counter stocks. His career progressed from that point to his current position as senior trader on an institutional trading desk. In the evenings, Alan teaches economics at a local community college. He has contributed articles to various publications over the last six years, including feature articles for an economics magazine and various financial blogs. You may contact Alan via his email ([email protected]) or his Google+ page (https://plus.google.com/103338576216002376250).

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