Pershing 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.
The 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 the offering.
JCP 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.
Pershing 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.
Disclaimer: This 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 post. Receive DCNewsroom email alerts, subscribe here. Visit DCNewsroom's Zazzle store, click here.