Dupree Financial Group significantly reduced its Macy's Inc. holdings during the fourth quarter. The fund sold 486,867 shares, totaling an estimated value of $9.97 million.
Dupree now holds 323,606 shares in the retailer. This remaining position is valued at $7.14 million. The transaction decreased Macy's representation in the fund's reportable assets to 2.6%.
The institutional sale occurs amid signs of a Macy's business turnaround. In the third quarter, the company reported its most substantial comparable sales growth in 13 quarters. Macy's also surpassed earnings guidance.
Analysts remain positive despite the fund's sale. Zacks Investment Research recently assigned the stock a "Strong Buy" rating. Zacks cited undervalued metrics as the reason for the rating.