J.C. Penney Company (NYSE:JCP) recently lost a major investor in Bill Ackman. The hedge fund manager sold his entire 18% stake in the company earlier this week to Citigroup Inc. (NYSE:C). One of the company’s other big investors, Perry Corp, appears to be stepping up to the plate today. A regulatory filing has confirmed that the fund bought 3 million of Ackman’s shares.

J.C. Penney Ackman

The 3 million share buy is just a small amount compared to the number Bill Ackman sold earlier in the week. His hedge fund, Pershing Square, parted with more than 39 million shares earlier this week. According to today’s filing, Perry bought the 3 million shares for $12.90 each. On today’s market, shares in J.C. Penney Company (NYSE:JCP) were selling for just over $12.30.

Hedge fund interest in J.C. Penney

Today’s buy marks a continuation of hedge fund interest in J.C. Penney Company (NYSE:JCP), even after the departure of Bill Ackman. Ackman bought his shares in the company for around $25 each, and was looking to completely change the retailer. He has admitted his failure on this attempt by getting out of the company, and has taken a 45% hit to his investment for his trouble.

Alongside Perry Corp, George Soros is one of the biggest investors in J.C. Penney Company (NYSE:JCP). The veteran fund manager holds about 9% of the company according to the most recent reports. Today’s buy brings the Perry Corp holding in the company to 8.62%.

The difference between the Ackman investment and those of other fund managers is the target price. If the retailer can manage to shore up its cash problems and plot a clear path to survival, Perry Corp should reap a nice reward. Ackman needed to get his hands dirty and build a new company at J.C. Penney Company (NYSE:JCP). Perry Corp isn’t putting in that effort, and it’s taking less risk as a result.

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