Dive Summary:

• J.C. Penney CEO Myron Ullman has purchased 112,000 of the company's shares for more than $1 million, CNBC reports.
• In the transaction, which was detailed in an SEC filing, Ullman bought 112,000 shares of JCP for $8.95 per share.
• During its turbulent 2013, J.C. Penney stock has dropped 55% in value amounting to $10.84 per share. Shares for the company are currently valued around $8.87 per share.

Dive Insight:

J.C. Penney has struggled to regain its financial footing following the devastating fallout effect from the Ron Johnson Era. The retailer was recently removed from the S&P 500 after seeing a 50% drop in market value in 2013. But JCP continues to remain publicly optimistic regarding its turnaround effort, trusting that the upcoming holiday shopping season will serve as an opportune stepping stone to its financial recovery.