CEO of GameStop (GME - Get Report) and J.C. Penney (JCP - Get Report) board member Julian Raines has acquired 5,012 shares of J.C. Penney shares at $3.99 per share, according to a new filing with the SEC.
Shares of the department store company were climbing in after-hours trading on Tuesday.
This most recent stock purchase puts Raines' total shares owned in J.C. Penney at 75,687, according to the form. The move comes at a time in which J.C. Penney shares have fallen over 50% year-to-date. Shares are lower over 21% in the past three months alone.
The company reported a wider-than-expected second quarter loss on Aug. 1 and suffered its worst three-day trading stretch shortly thereafter.
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