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Monday, August 26, 2013
Pershing sells entire stake in JC Penny, 39 million shares
Square Capital Management, L.P., announced Monday they are selling
39,075,771 shares of J.C. Penney Company, Inc. (NYSE: JCP) common
stock owned by them. “J.C. Penney will not receive any proceeds
from the sale of the shares by the selling stockholders in this
offering,” Pershing said in a press statement.
offering will be made under J.C. Penney's registration statement on
Form S-3 filed with the Securities and Exchange Commission (SEC).
Citigroup is acting as sole bookrunning manager and underwriter for
shares are down 46 percent over the last 52 weeks (Aug. 27, 2012 to
Aug. 26, 2013). This year alone, the stock is down 32 percent,
closing Monday at $13.35 per share, down one percent for the day. JCP
has a 52-week low of $12.34 and a high of $32.55.
Square Capital Management, L.P., based in New York City, is an SEC
registered investment advisor to private investment funds. Pershing
Square manages funds that are in the business of trading - buying and
selling - securities and other financial instruments. Funds managed
by Pershing Square have long positions in stock and other financial
instruments tied to the performance of J.C. Penney's stock.
post is provided for information purposes only and should not be used
as the basis for any investment decision. I am neither licensed nor
qualified to provide investment advice. Keith
Stein has no position in any stocks mentioned in this post. DCNewsroom has no position in any of the stocks mentioned in this