J.C. Penney (JCP) Declares Quarterly Dividend, But Shares Still Tumble on Downgrade and Icahn Stake Reduction
More News related to JCP
- Get That Look at JCPenney This Back-to-School Season
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- JCPenney Announces Updated Bridge Plan Targets for 2009
- Notable Analyst Rating Changes 6/23: JCP, BLK, OI, SHPGY Upgraded; AUO, MF, MOT Downgraded
J.C. Penney Company, Inc. (NYSE: JCP) declared a quarterly dividend of $0.20 per share on the Company’s common stock. The dividend is payable Aug. 1, 2008, to Company stockholders of record at the close of business on July 10, 2008.
In addition, JCPenney held its Annual Meeting of Stockholders today at the Company’s Home Office in Plano, Texas. At the meeting, Company stockholders re-elected nine directors for a one-year term and ratified the appointment of KPMG LLP as independent auditor for the fiscal year ending Jan. 31, 2009. In other business, stockholders approved a non-binding proposal regarding stockholder approval of certain severance agreements with senior executives.
However, shares of JCP are down 3.45% today after a dowgrade by Goldman Sachs this morning. Also, last night, Carl Icahn's Icahn Capital reported a significant reduction in his stake of JCP (from 4.17 million shares to 80,000)[SM]
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