Boston-based Congress Asset Management reduced its stake in Ollie’s Bargain Outlet by 670,615 shares, amounting to $80.86 million, based on quarterly average pricing. Following the transaction, the fund held 879,320 shares valued at $96.38 million, representing 0.68% of AUM. The position now falls outside the top five holdings.

The quarter-end value of the Ollie’s Bargain Outlet position decreased by $102.63 million due to both trading activity and share price movement. This move by Congress Asset Management shows strategic portfolio management, maintaining a smaller stake in the company despite strong financials and growth potential.

Ollie’s Bargain Outlet Holdings operates over 600 stores in 34 states, offering discounted brand name merchandise. Despite the sale of a significant portion of the stake, the company reported strong third quarter results, with net sales rising 18.6% to $613.6 million and adjusted EPS increasing by 29.3% to $0.75.

Shares of Ollie’s Bargain Outlet were priced at $118.49 as of Friday, showing a 13% increase over the past year. The company focuses on providing value-conscious consumers with a diverse range of products, emphasizing closeouts and excess inventory to create a unique shopping experience for its customers.

Read more at Yahoo Finance: This Fund Sold $81 Million of Ollie’s Stock, but Kept a Nearly $100 Million Bet After a 13% Year