Glenview Capital Becomes Large J.C. Penney Shareholder ~ market folly

Wednesday, September 4, 2013

Glenview Capital Becomes Large J.C. Penney Shareholder

We know you'd love to stop hearing about J.C. Penney (JCP), but when this many major hedge funds are trading shares, it's worth highlighting over and over again.  This latest activity:  Larry Robbins' Glenview Capital has boosted its holdings in the retailer.

Per a 13G filed with the SEC, Glenview has disclosed a 9.10% ownership stake in JCP with 20,060,830 shares.  This marks almost a 138% increase in their position size since the end of the second quarter.  The filing was required due to activity on August 22nd.

To see the rest of Glenview's US equity portfolio, we recently released a brand new issue of our premium newsletter.

Other Hedge Funds Involved in JCP

As we've flagged earlier: Bill Ackman has sold entirely out of JCP.  Richard Perry's hedge fund bought some of those JCP shares.  And yesterday we saw that Kyle Bass has purchased JCP.  And now we see that Glenview Capital has added to their position.  Not to mention, other big names like Soros Fund also own shares.

We'll continue to monitor the SEC filings for further activity to see which funds are taking advantage of a large seller's exit or are wagering on a company turnaround, or at the very least, stability.

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