Those are interesting questions! I presume that the table includes all reporting institutions including the mutual fund owners and the "5% owners." (Side note: SEC rules say that when a person or group acquires more than 5% of a company's shares, they must report that on Form 13D. If those 5% owners are also considered insiders, then the total of Insider and Institutional Owners would be more than 100%.)

Institutional owners include banks, insurance companies, retirement or pension funds, hedge funds, investment advisors and mutual funds. SEC rules say that if they "exercise discretion" over more than $100 million, then they must report their security holdings on Form 13F within 45 days after the end of the calendar quarter. So there is always a bit of delay in the reporting of institutional activity.

As I understand it, market makers must also file Form 13F. Since market makers ensure that there are always buyers and sellers in the market, in the case of a sell-off of shares by institutions, they would be buying those shares in many cases and so would be included in the total institutional ownership. I wouldn't presume that the net difference between the buyers and sellers is made up entirely of individual investors, but 7 million shares is a lot for individual investors to be absorbing. The number of shares outstanding hasn't changed, so the sold shares aren't being bought and retired by the company, though. So the only conclusion I can come up with is that the shares are being bought by non-reporting institutions or individuals, though I'd welcome other insights.

Doug