It seems that Bill Ackman has hit the second quarter on a lucky note. After George Soros disclosed a large passive stake in J.C. Penney Company, Inc. (NYSE:JCP), NYPost’s sources are reporting that there are other billion-dollar hedge fund investors who have also jumped aboard on the J.C. Penney Company, Inc. (NYSE:JCP) ship.

 J.C.Penney

There is no news on the identities of the investors who have decided to put their money in J.C. Penney Company, Inc. (NYSE:JCP), except that both unnamed hedge funds have amassed considerable stakes that are possibly in excess of 5 percent of JCP’s worth. The reports say that one of these investors is a $10 billion hedge fund whose exposure to the chain store is anywhere between 5 to 10 percent. These holder of JCP stock would be required to disclose their significant positions towards mid-May, so unless more inside stories leak, that is when we will know for sure the identities of these mysterious backers.

On Thursday, Soros filed a 13G with the SEC which showed that he had taken a 7.9 percent position in the company and did not intend to go activist. Disclosure of confidence in one of Ackman’s ailing investments injected new activity in the shares which had lost almost 20 percent till April 24. However since the news from Soros, JCP is up over 13 percent.

Bill Ackman has been losing in his investment in J.C. Penney Company, Inc. (NYSE:JCP) which is worth 18 percent of the shares and was likely acquired at an average price of $25. Recently JCP’s CEO Ron Johnson left the company after severe criticism from several avenues, and most importantly from Ackman himself who was Johnson’s chief backer. In some other good news for JCP, Goldman Sachs Group, Inc. (NYSE:GS) has committed a $1.75 billion loan to J. C. Penney to finance its working capital needs.

J.C. Penney Company, Inc. (NYSE:JCP) is up 0.76 percent for today.