Photo: Getty Images Entertainment/ Stephen Lovekin/Staff
Struggling retailer JCPenney’s stock hit a new 52-week low today. The stock was last trading down more than 3% early in the session at $14.51 a share.
Yesterday, JCPenney’s stock tanked more than 10% after board member Steven Roth’s Vornado Realty, the second largest shareholder, dumped 10 million JCP shares. The stock closed at $14.96 yesterday.
This is terrible news for billionaire hedge fund activist investor Bill Ackman, the CEO of Pershing Square Capital Management.
Roth was seen as an Ackman ally in the JCPenney investment. They were also both named to the retailer’s board at the same time.
Ackman is the largest holder in JCPenney.
His Pershing Square owned a 18.11% stake, or 39,075,771 shares during the fourth quarter of 2012, according the latest 13F filing.
Pershing Square first snapped up a stake in third quarter of 2010 ending on September 30, according to a 13F regulatory filing.
Ackman, who has been a supporter of JCPenney’s CEO Ron Johnson, has taken a bath on the stock so far.
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