BlackRock Sells Significant Stake in Nike
Nike Inc., the global designer and marketer of athletic footwear and apparel, has seen its stake reduced by BlackRock Inc. The investment firm disclosed that it had sold 9,984,473 shares in NIKE during the second quarter, reducing its overall stake by 10.9%.
According to the company's latest disclosure with the Securities and Exchange Commission (SEC), BlackRock Inc. now owns 81,814,490 shares of NIKE stock after the sale. This represents a 5.51% ownership of the footwear maker's stock, valued at $3,358,485,000 at the end of the most recent quarter.
The sale comes as part of ongoing market fluctuations and changing investor sentiment towards Nike Inc. The company has faced challenges in its turnaround efforts under CEO Elliott Hill, with investors remaining concerned about weak direct-to-consumer demand, international pressure, and a reported decline in China sales.