Nike Stock Jumps on Ackman's New Stake
Billionaire investor William Ackman has built new stakes in sportswear company Nike and investment management company Brookfield.
Nike's shares gained in late trading after Pershing Square Capital Management LP disclosed a new stake.
The filing shows that Ackman's hedge fund Pershing Square Capital Management owned roughly 3 million shares of Nike and 68 million shares of Brookfield at the end of the second quarter. The stake in Nike is new, while the stake in Brookfield was increased from 40 million shares at the end of the first quarter.
Nike's shares rose about 5% postmarket after Ackman's disclosure. The stock has been underperforming the broader market this year, but Ackman's investment could be a sign that he sees value in the company.
Ackman is a well-known investor who has made a number of successful bets. His investment in Nike could be a sign that he believes the company is undervalued and has the potential to deliver strong returns for investors.
The filing also shows that Ackman's hedge fund reduced its stake in Lowe's from 15 million shares to 4 million shares. Ackman has been a vocal critic of Lowe's in the past, and his decision to reduce his stake could be a sign that he no longer sees value in the company.
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