J.C. Penney (NYSE: JCP ) has attracted another high-profile investor to its roster of major shareholders. Billionaire George Soros has disclosed ownership of a sizable block of shares in the company, according to a filing his Soros Fund Management submitted to the Securities and Exchange Commission.
According to the filing, Soros now holds nearly 17.4 million shares in the struggling retailer, or 7.9% of the company.
The move is a typically contrarian play for the veteran financier. J.C. Penney stock has lost more than half its value over the past year and is down by 23% so far in 2013.