Billionaire investor ups his stake in J.C. Penney
As the turmoil with hedge fund manager Bill Ackman winds down at J.C. Penney, another of the company’s investors is making headlines. This time it’s George Soros, who according to regulatory filings, has added two million shares to his current 19.98 million in Penney holdings.
This latest venture makes Soros Fund Management Penney’s second-largest investor — behind Ackman.
Ackman, who recently resigned from the retailer’s board after an unsuccessful rally to oust interim CEO Mike Ullman and speed up the search for a new CEO, owns 39 million shares through his Pershing Square Capital Management.
Hotchkis & Wiley, with 10.1 million Penney shares at the end of the second quarter, and Tiger Global Management, with 5.3 million shares, have liquidated their positions. Glenview Capital reduced its holdings from 9.5 million to 8.4 million shares. And Fidelity Management & Research has reduced its position by half, to 4.6 million shares.