Retirement Systems of Alabama (RSA) reduced its stake in Macy's, Inc. by 58.3% during the third quarter, according to a recent SEC filing.
RSA sold 458,790 shares. This left the fund owning 328,307 shares. The remaining stake was valued at nearly $5.9 million at the end of the quarter.
This institutional selling follows a January 28 filing showing Dupree Financial Group also sold shares during the fourth quarter.
These sales indicate a shift in sentiment among some large investors but do not reflect a change in Macy's underlying business operations. Institutional investors still own over 87% of the company's stock.