Gillespie Robinson & Grimm Inc. decreased its position in shares of Nike Inc (NYSE:NKE) by 11.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 346,588 shares of the footwear maker’s stock after selling 43,650 shares during the quarter. Nike accounts for 3.5% of Gillespie Robinson & Grimm Inc.’s portfolio, making the stock its 10th largest position. Gillespie Robinson & Grimm Inc.’s holdings in Nike were worth $29,363,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. ST Germain D J Co. Inc. lifted its position 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 valued at $619,000 after purchasing an additional 660 shares during the period. Norway Savings Bank lifted its position in Nike by 17.5% during the second quarter. Norway Savings Bank now owns 4,610 shares of the footwear maker’s stock valued at $367,000 after purchasing an additional 685 shares during the period. Peregrine Capital Management LLC lifted its position in Nike by 0.3% during the second quarter. Peregrine Capital Management LLC now owns 223,178 shares of the footwear maker’s stock valued at $17,783,000 after purchasing an additional 689 shares during the period. Barrett Asset Management LLC lifted its position in Nike by 3.2% during the second quarter. Barrett Asset Management LLC now owns 22,449 shares of the footwear maker’s stock valued at $1,789,000 after purchasing an additional 700 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its position in Nike by 1.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 49,366 shares of the footwear maker’s stock valued at $3,932,000 after purchasing an additional 703 shares during the period. Hedge funds and other institutional investors own 63.97% of the company’s stock.
A number of research analysts recently weighed in on the stock. CIBC upgraded shares of Nike from a “market perform” rating to an “outperform” rating in a research report on Thursday. Oppenheimer upgraded shares of Nike from a “market perform” rating to an “outperform” rating in a research report on Thursday. UBS Group upgraded shares of Nike from a “market perform” rating to an “outperform” rating in a research report on Wednesday. Cowen set a $81.00 price objective on shares of Nike and gave the company a “hold” rating in a research report on Wednesday, October 10th. Finally, Morningstar set a $75.00 price objective on shares of Nike and gave the company a “hold” rating in a research report on Friday, October 5th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $84.60.
In related news, CFO Andrew Campion sold 2,907 shares of the firm’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $76.85, for a total transaction of $223,402.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Elliott Hill sold 5,741 shares of the firm’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $78.17, for a total transaction of $448,773.97. The disclosure for this sale can be found here. Insiders have sold a total of 68,648 shares of company stock worth $5,652,227 over the last 90 days. Insiders own 3.90% of the company’s stock.
Shares of NKE stock traded down $0.86 on Thursday, hitting $75.62. 380,330 shares of the stock traded hands, compared to its average volume of 7,276,597. The company has a market capitalization of $135.60 billion, a price-to-earnings ratio of 31.80, a PEG ratio of 2.81 and a beta of 0.65. Nike Inc has a 52 week low of $51.48 and a 52 week high of $86.04. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.31 and a quick ratio of 1.53.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The firm had revenue of $9.95 billion for the quarter, compared to the consensus estimate of $9.92 billion. Nike had a net margin of 5.57% and a return on equity of 40.69%. The company’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the firm earned $0.57 EPS. Equities research analysts expect that Nike Inc will post 2.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. Nike’s payout ratio is 33.06%.
Nike declared that its board has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the footwear maker to purchase up to 12.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is 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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