FMR Corp. Lowers Its Stake in LTC Properties

FMR Corp., the parent of the Fidelity group of mutual funds, has lowered its stake in LTC Properties Inc. to 11.4% of the Oxnard-based company, from 12.4%.

In a filing with the Securities and Exchange Commission, FMR said certain of its funds sold shares between Jan. 27 and Feb. 25 at prices ranging from $10.63 to $11.06 a share.

FMR now holds 912,170 shares of LTC, the filing stated.

LTC is a real estate investment trust that invests primarily in nursing homes.

The trust had its initial public stock offering in August.