Conning Inc. increased its stake in shares of Nike Inc. (NYSE:NKE) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 60,312 shares of the footwear maker’s stock after buying an additional 300 shares during the period. Conning Inc.’s holdings in Nike were worth $3,329,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in NKE. PGGM Investments boosted its stake in Nike by 1.3% in the second quarter. PGGM Investments now owns 906,421 shares of the footwear maker’s stock valued at $50,034,000 after buying an additional 11,765 shares during the period. Genesee Valley Trust Co. raised its position in shares of Nike by 2.1% in the second quarter. Genesee Valley Trust Co. now owns 36,643 shares of the footwear maker’s stock valued at $2,023,000 after buying an additional 752 shares in the last quarter. Deltec Asset Management LLC purchased a new position in shares of Nike during the second quarter valued at approximately $2,444,000. Grimes & Company Inc. raised its position in shares of Nike by 4.3% in the second quarter. Grimes & Company Inc. now owns 4,866 shares of the footwear maker’s stock valued at $269,000 after buying an additional 200 shares in the last quarter. Finally, Trutina Financial LLC purchased a new position in shares of Nike during the second quarter valued at approximately $812,000. Institutional investors and hedge funds own 62.04% of the company’s stock.
Nike Inc. (NYSE:NKE) traded up 1.73% during mid-day trading on Tuesday, reaching $55.34. The company had a trading volume of 17,945,212 shares. The stock has a market capitalization of $92.84 billion, a price-to-earnings ratio of 25.62 and a beta of 0.52. The stock has a 50 day moving average of $56.79 and a 200 day moving average of $57.33. Nike Inc. has a 52 week low of $51.48 and a 52 week high of $68.19.
Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.17. The firm had revenue of $9.06 billion for the quarter, compared to the consensus estimate of $8.88 billion. Nike had a return on equity of 29.57% and a net margin of 11.61%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.34 EPS. Analysts anticipate that Nike Inc. will post $2.40 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Tuesday, September 6th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.16%. Nike’s dividend payout ratio is presently 29.63%.
Several equities analysts have commented on NKE shares. Vetr raised Nike from a “buy” rating to a “strong-buy” rating and set a $62.64 price objective for the company in a research report on Monday, May 30th. Deutsche Bank AG reissued a “buy” rating on shares of Nike in a research report on Tuesday, May 31st. Morgan Stanley lowered Nike from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $69.00 to $60.00 in a research report on Wednesday, June 1st. Bank of America Corp. lowered Nike from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $72.00 to $60.00 in a research report on Wednesday, June 1st. Finally, Zacks Investment Research lowered Nike from a “hold” rating to a “sell” rating in a research report on Tuesday, June 14th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $65.15.
In related news, Director John C. Lechleiter purchased 1,000 shares of the business’s stock in a transaction on Friday, July 1st. The shares were bought at an average price of $55.09 per share, for a total transaction of $55,090.00. Following the acquisition, the director now directly owns 23,682 shares in the company, valued at $1,304,641.38. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Hilary K. Krane sold 100,000 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $56.99, for a total value of $5,699,000.00. Following the sale, the executive vice president now owns 310,795 shares in the company, valued at approximately $17,712,207.05. The disclosure for this sale can be found here. 3.90% of the stock is owned by corporate insiders.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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