Apple Inc. AAPL 0.69% shareholders have had a rough go of it lately, with the stock is now down 16.4 percent in the past six months. This week, news broke that one of Apple’s largest shareholders, billionaire activist investor Carl Icahn, has reduced his stake in the company by 13 percent.

Although Icahn still holds 45.8 million shares of Apple, his latest 13F filings revealed that he sold about 7 million shares in Q4.

“It is our belief that large institutional investors, Wall Street analysts and the news media alike continue to misunderstand Apple’s net cash separately from its business, fail to adjust earnings to reflect Apple’s real cash tax rate, fail to recognize the growth prospects of Apple entering new categories, and fail to recognize that Apple will maintain pricing and margins,” Icahn said of the stock less than a year ago.

Is Carl Mad?

Although Icahn has not commented about his reduced stake or whether or not he still believes the stock is worth $240 per share, Global Equities Research analyst Trip Chowdhry told…

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