Boston, MA 10/02/2013 (wallstreetpr) – In another big move, Richard Perry, the hedge fund manager, offloaded a huge wedge of J.C. Penney Company, Inc (NYSE:JCP) stock. When the company’s stock gets dragged down by 30% in just one week, with almost 100 million shares exchanging hands on a particular day, it is indicative of the fact that a big player is beating a retreat from the company.
In a recent SEC filing, Perry Capital showed that the hedge-fund offloaded 9M J.C. Penney Company, Inc (NYSE:JCP) shares last week. This brought down his stake in the company, to 3.28%. This activity came in the wake of the funding concerns that were raised by Goldman Sachs about J.C. Penney Company, Inc (NYSE:JCP) when the company announced that it will raise around $900M in an equity-offering.
Perry did things a little differently from what other hedge funds were doing, when it came to J.C. Penney Company, Inc (NYSE:JCP). Initially, his hedge fund acquired a significant stake in the company in the Q2. It had bought 12M shares in the period that the company was sent reeling due to Ron Johnson’s missteps. Eventually, the company collapsed and Ron Johnson was shown the door. In the summer, Perry upped his stake in the company and disclosed that it stood at 7.3%. Perry suffered losses on his bet on the company and is now edging his way out of it.
Tuesday’s trading
In Tuesday’s trading, J.C. Penney Company, Inc (NYSE:JCP) dropped by 0.62%. The shares opened at a price of $8.86, climbed to an intraday high of $9.09 and dipped to a close of $8.75. Approximately 39.74 million shares were traded on Tuesday while an average volume of 40.84 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $8.59 and its 52-week high is $27.00. The company has a market capitalization of $1.93 billion.
