March 22, 2018 / 6:14 PM / a month ago

Ackman exits Nike stake with $100 mln in profit - source

March 22 (Reuters) - William Ackman’s Pershing Square Capital Management LP cashed out its 0.71 percent stake in Nike Inc, making a profit of about $100 million, according to a source familiar with the matter.

Ackman said in January his hedge fund had taken a rare passive stake in the sportswear company at the end of 2017, when the stock was trading at around $53 a share.

The Wall Street Journal first reported the hedge fund’s exit from the Dow component.

Nike is scheduled to report its third-quarter earnings after markets close on Thursday. (Reporting by Svea Herbst-Bayliss in Boston and Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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