Investor Bill Ackman has sold his entire stake in J.C. Penney.
Ackman’s hedge fund Pershing Square was the largest shareholder in the retailer’s stock, with 39.1 million shares, or 18 percent of shares outstanding, reported CNBC on Monday.
The sell comes two weeks after Ackman, 47, left J.C. Penney’s board.
J.C. Penney’s stick was down 15 cents, or 1.11 percent on Monday.
