Soros Takes a Stake in J.C. Penney

By Eric Volkman – Apr 25, 2013 at 5:55PM

OTC: JCPN.Q

J.C. Penney

The big-name investor now owns nearly 8% of the company.

J.C. Penney (JCPN.Q) 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.

Fool contributor Eric Volkman and The Motley Fool have no position in J.C. Penney. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.