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Target Corporation (NYSE: TGT) shares fell marginally after Bill Ackman’s Pershing Square changed up its stake in the retailer. As a result of the transaction, the hedge fund sold options and purchased common stock that resulted in a net increase of common stock ownership of 0.2% and a decrease in beneficial ownership to 4.4% from 7.8% earlier this year.

The move comes after Pershing Square’s attempt to change up Target’s board failed to garner sufficient shareholder support. The proxy contest was designed to push the retailer towards considering alternatives to unlock shareholder value, such as increasing its perishable offerings, managing its credit card risks, and analyzing real estate transaction designed to unlock value.

Many investors believe that Pershing Square’s move to reduce its options position and beef up its common stock position was due to timing uncertainties. While Target may remain undervalued, there are no catalysts that could unlock the hidden value in its assets in the near future. As a rest, dated options are no longer the best bet as they lose value over time.

Target Corporation (Target) operates Target general merchandise stores with an assortment of general merchandise and food items, as well as SuperTarget stores with a line of food and general merchandise items. Target.com offers an assortment of general merchandise, including many items found in the Company’s stores and a complementary assortment, such as extended sizes and colors, sold only online.

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