(Article updated to include Fortune Brands purchase.)
NEW YORK ( TheStreet) -- Activist investor Bill Ackman's hedge fund Pershing Square Capital Management has disclosed a significant stake in retailer J.C. Penney (JCP) and spirits-maker Fortune Brands (FO).
According to a 13D filing with the Securities and Exchange Commission, the fund bought about 39 million shares in J.C. Penney, (including 4.1 million in options and about 600,000 shares under a swap arrangement), bringing its total stake in the retailer to 16.8%. A 13D filing typically signifies activist intent.
The purchase makes Pershing the company's largest shareholder.
Think you're a better stock picker than Ackman?
Prove it with fake money, and win real cash!
>To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV