J.C. Penney Company (NYSE:JCP) recently lost a major investor in Bill Ackman. The hedge fund manager sold his entire 18% stake in the company earlier this week to Citigroup Inc. (NYSE:C). One of the company’s other big investors, Perry Corp, appears to be stepping up to the plate today. A regulatory filing has confirmed that the fund bought 3 million of Ackman’s shares. The 3 million share buy is just a small amount compared to the number Bill Ackman sold earlier in the week. His hedge fund, Pershing Square, parted with more than 39 million shares earlier this week. According…
Perry Buys 3M of Bill Ackman’s J.C. Penney Stake
HFA Staff
The post above is drafted by the collaboration of the Hedge Fund Alpha Team.