Massmutual Trust Co. FSB ADV lifted its stake in NIKE, Inc. (NYSE:NKE – Get Rating) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 5,872 shares of the footwear maker’s stock after acquiring an additional 164 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in NIKE were worth $600,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. PFS Investments Inc. acquired a new position in NIKE in the 4th quarter worth about $462,000. True North Advisors LLC acquired a new position in NIKE in the 4th quarter worth about $265,000. MKT Advisors LLC acquired a new position in NIKE in the 4th quarter worth about $207,000. Invesco Ltd. raised its holdings in NIKE by 4.8% in the 4th quarter. Invesco Ltd. now owns 3,039,236 shares of the footwear maker’s stock worth $506,551,000 after purchasing an additional 139,102 shares during the period. Finally, Fullerton Fund Management Co Ltd. raised its holdings in shares of NIKE by 342.0% during the fourth quarter. Fullerton Fund Management Co Ltd. now owns 38,383 shares of the footwear maker’s stock valued at $6,397,000 after acquiring an additional 29,699 shares during the last quarter. Hedge funds and other institutional investors own 64.19% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. Stifel Nicolaus reduced their target price on NIKE from $135.00 to $130.00 in a report on Wednesday, July 20th. Barclays reduced their target price on NIKE from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, June 29th. Cowen reduced their target price on NIKE from $127.00 to $124.00 and set an “outperform” rating for the company in a report on Monday, September 12th. Seaport Res Ptn cut NIKE from a “buy” rating to a “neutral” rating in a report on Wednesday, June 22nd. Finally, JPMorgan Chase & Co. set a $130.00 target price on NIKE in a report on Wednesday, August 10th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, NIKE has an average rating of “Moderate Buy” and an average target price of $136.42.
NIKE Trading Down 1.3 %
NIKE (NYSE:NKE – Get Rating) last released its quarterly earnings results on Monday, June 27th. The footwear maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.81 by $0.09. NIKE had a return on equity of 40.74% and a net margin of 12.94%. The business had revenue of $12.20 billion during the quarter, compared to analyst estimates of $12.10 billion. During the same period last year, the business posted $0.93 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. As a group, research analysts predict that NIKE, Inc. will post 3.78 earnings per share for the current year.
NIKE Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be given a dividend of $0.305 per share. The ex-dividend date is Friday, September 2nd. This represents a $1.22 annualized dividend and a dividend yield of 1.17%. NIKE’s dividend payout ratio is currently 32.45%.
NIKE announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 27th that authorizes the company to repurchase $18.00 billion in outstanding shares. This repurchase authorization authorizes the footwear maker to repurchase up to 11% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
Insider Transactions at NIKE
In other news, COO Andrew Campion sold 5,922 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total transaction of $671,673.24. Following the completion of the transaction, the chief operating officer now directly owns 75,295 shares in the company, valued at $8,539,958.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Andrew Campion sold 5,922 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total value of $671,673.24. Following the sale, the chief operating officer now directly owns 75,295 shares in the company, valued at $8,539,958.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Rogers, Jr. acquired 10,000 shares of NIKE stock in a transaction dated Thursday, June 30th. The stock was bought at an average price of $102.96 per share, for a total transaction of $1,029,600.00. Following the completion of the purchase, the director now owns 25,681 shares of the company’s stock, valued at approximately $2,644,115.76. The disclosure for this purchase can be found here. Insiders sold a total of 59,561 shares of company stock worth $6,374,094 over the last ninety days. Company insiders own 0.40% of the company’s stock.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.
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