Jana Partners cuts Macy's stake after pushing retailer on e-commerce

FILE PHOTO: A Macy's department store stands behind an empty parking lot at King of Prussia Mall that remains closed due to the ongoing outbreak of the coronavirus disease (COVID-19) in Upper Merion Township, Pennsylvania U.S., May 21, 2020. REUTERS/Lucas Jackson/File Photo

BOSTON (Reuters) - Jana Partners cut its holding in Macy's Inc by 84% in the last months of 2021 not long after the activist investment firm prodded the retailer to consider alternatives for its online unit, according to a regulatory filing.

The New York-based hedge fund reported on Monday that it owned 760,780 shares in Macy's at the end of the fourth quarter on December 31, 2021. That compares with 4.6 million shares the hedge fund owned at the end of the third quarter. The firm's holding at the end of September amounted to 1.5% of the company.