Shares of JC Penney tanked in after-hours trading Wednesday after the retailer announced that it missed earnings estimates, lowered its outlook, and will incur a restructuring charge.
The stock was last down more than 13% in after-hours trading.
Here’s a rundown of five hedge funds with the biggest stake in the retailer, according to data compiled by Bloomberg citing 13F regulatory filings.
Of course, several hedge funds are reporting their most recent quarterly holdings today, so we will update them as they cross on the SEC’s website.
- Pershing Square: ~39.07 million shares (17.9% stake as of 12/31/2011)
- Adage Capital: ~2.31 million shares (12/31/2011)
- Renaissance Technologies: ~2.3 million shares (3/31/2012)
- Maverick Capital: ~1.9 million shares (12/31/2011)
- Water Street Capital: ~1.45 million shares (3/31/2012)
Back in February we asked hedge fund titan Bill Ackman, the founder of Pershing Square Capital Management, about his stake in JCPenney.
He told us that he was excited about his JCPenney investment since the retailer hired Ron Johnson as its CEO back in November 2011 from Apple. The reason, he explained, is because the retail guru “completely gets customer service.”
Prior to joining JCPenney, Johnson worked at Apple as the senior vice president of retail for 11 years where he was in charge of the technology giant’s retail strategy. In this role, he led Apple, which had zero stores, to opening up over 300 Apple stores globally. Before that, he spent 15 years at Target as a merchandising executive.
These high hopes for Johnson might take some time.
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