Vontobel Asset Management Inc. trimmed its stake in Nike Inc (NYSE:NKE) by 43.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,945,617 shares of the footwear maker’s stock after selling 2,234,891 shares during the quarter. Nike comprises 1.8% of Vontobel Asset Management Inc.’s portfolio, making the stock its 25th largest position. Vontobel Asset Management Inc. owned about 0.18% of Nike worth $241,865,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in NKE. ST Germain D J Co. Inc. grew its stake in Nike by 9.3% during the second quarter. ST Germain D J Co. Inc. now owns 7,763 shares of the footwear maker’s stock worth $619,000 after buying an additional 660 shares during the period. Norway Savings Bank lifted its position in shares of Nike by 17.5% during the second quarter. Norway Savings Bank now owns 4,610 shares of the footwear maker’s stock worth $367,000 after purchasing an additional 685 shares in the last quarter. Peregrine Capital Management LLC lifted its position in shares of Nike by 0.3% during the second quarter. Peregrine Capital Management LLC now owns 223,178 shares of the footwear maker’s stock worth $17,783,000 after purchasing an additional 689 shares in the last quarter. Barrett Asset Management LLC lifted its position in shares of Nike by 3.2% during the second quarter. Barrett Asset Management LLC now owns 22,449 shares of the footwear maker’s stock worth $1,789,000 after purchasing an additional 700 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Nike by 1.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 49,366 shares of the footwear maker’s stock worth $3,932,000 after purchasing an additional 703 shares in the last quarter. Hedge funds and other institutional investors own 64.02% of the company’s stock.
NKE has been the topic of a number of recent research reports. Morgan Stanley initiated coverage on shares of Nike in a research report on Wednesday, August 1st. They set an “overweight” rating and a $88.00 target price on the stock. Jefferies Financial Group reissued a “neutral” rating and set a $68.00 target price on shares of Nike in a research report on Wednesday, June 13th. Credit Suisse Group reissued a “buy” rating and set a $78.00 target price on shares of Nike in a research report on Thursday, June 14th. B. Riley boosted their target price on shares of Nike from $68.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, June 29th. Finally, Telsey Advisory Group boosted their target price on shares of Nike from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 4th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $79.60.
In other Nike news, insider Eric D. Sprunk sold 150,000 shares of the stock in a transaction on Friday, June 29th. The shares were sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the sale, the insider now directly owns 241,959 shares of the company’s stock, valued at $19,131,698.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Campion sold 103,000 shares of the stock in a transaction on Friday, June 29th. The stock was sold at an average price of $80.01, for a total transaction of $8,241,030.00. Following the sale, the chief financial officer now directly owns 235,457 shares in the company, valued at $18,838,914.57. The disclosure for this sale can be found here. Insiders have sold 315,778 shares of company stock worth $24,911,826 over the last three months. 3.90% of the stock is owned by corporate insiders.
NKE traded up $0.02 during trading on Friday, hitting $80.42. The company had a trading volume of 80,006 shares, compared to its average volume of 6,177,967. The stock has a market capitalization of $127.92 billion, a PE ratio of 33.25, a P/E/G ratio of 2.67 and a beta of 0.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.51 and a quick ratio of 1.63. Nike Inc has a 1-year low of $50.35 and a 1-year high of $83.68.
Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.05. The firm had revenue of $9.79 billion for the quarter, compared to analysts’ expectations of $9.40 billion. Nike had a net margin of 5.31% and a return on equity of 36.57%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. equities research analysts forecast that Nike Inc will post 2.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, August 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. Nike’s dividend payout ratio (DPR) is 33.06%.
Nike announced that its Board of Directors has authorized a share buyback program on Thursday, June 28th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the footwear maker to repurchase up to 12.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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