Beacon Pointe Advisors Cuts Stake in NIKE by 23.3% Amid Investor Concerns
Beacon Pointe Advisors LLC sold 29,188 shares of NIKE, Inc. (NYSE:NKE) stock during the second quarter, reducing its stake by 23.3%, according to the company's most recent 13F filing with the Securities and Exchange Commission.
The fund owned 95,908 shares of the footwear maker's stock after the sale, worth $3,937,000 at the end of the reporting period.
This is not an isolated incident, as other hedge funds and institutional investors have also made changes to their holdings in NKE. State Street Corp increased its stake by 2.2% during the fourth quarter, owning 59,315,606 shares valued at $3,802,807,000.
Nike's recent quarterly earnings beat analyst estimates, but analysts are still concerned about the company's core weaknesses and future growth prospects.