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.
More of What's Trending on TheStreet: