More Wealthy Hedge Funds Buying J C Penney Company Inc (JCP)

As one would reasonably expect, some big names have jumped into J C Penney Company Inc (NYSE:JCP) headfirst. Millennium Management assembled the most valuable position in J C Penney Company Inc (NYSE:JCP). Millennium Management had $35.7 million invested in the company at the end of the quarter. Alyeska Investment Group also made a $32.9 million investment in the stock during the quarter. The other funds with brand new JCP positions are Ken Grossman and Glen Schneider’s SG Capital Management, Ray Dalio’s Bridgewater Associates, and Peter Muller’s PDT Partners.

Let’s also examine hedge fund activity in other stocks similar to J C Penney Company Inc (NYSE:JCP). We will take a look at Beacon Roofing Supply, Inc. (NASDAQ:BECN), MFA Financial, Inc. (NYSE:MFA), Primerica, Inc. (NYSE:PRI), and AMC Entertainment Holdings Inc (NYSE:AMC). This group of stocks’ market values are closest to JCP’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BECN 33 429386 -7
MFA 11 54202 -1
PRI 17 256653 5
AMC 15 133907 -1

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $219 million. That figure was $460 million in JCP’s case. Beacon Roofing Supply, Inc. (NASDAQ:BECN) is the most popular stock in this table. On the other hand MFA Financial, Inc. (NYSE:MFA) is the least popular one with only 11 bullish hedge fund positions. J C Penney Company Inc (NYSE:JCP) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal and hedge fund sentiment was positive during the quarter. In this regard JCP might be a good candidate to consider a long position in.

Disclosure: None