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)