Investor Marvin Davis and several associates said they have sold 258,400 more shares of Aaron Spelling Productions, lowering their stake to 5.8% from 8.61% of the Class A common shares outstanding. Two weeks ago, Davis disclosed that he had sold 192,600 of his shares, mostly in the first 14 days of September, at prices between $9.125 and $9.50 a share. In its latest report to the Securities and Exchange Commission, the group said it sold additional shares between Sept. 15 and 24 at prices from $8.75 to $9 a share. No reason for the sales was given in the reports. In another development, Aaron Spelling Productions reported that its fourth-quarter profit rose more than 7%. The firm cited greater television syndication revenue for the improvement.