Klingenstein Fields & Co. LLC Grows Position in Nike, Inc. (NKE)
Klingenstein Fields & Co. LLC increased its holdings in shares of Nike, Inc. (NYSE:NKE) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,583 shares of the footwear maker’s stock after acquiring an additional 4,895 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Nike were worth $5,639,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Jennison Associates LLC increased its stake in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after purchasing an additional 13,953,567 shares during the period. OppenheimerFunds Inc. increased its stake in shares of Nike by 7,020.1% in the first quarter. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker’s stock valued at $298,145,000 after purchasing an additional 5,274,656 shares during the period. Flossbach Von Storch AG increased its stake in shares of Nike by 141.9% in the second quarter. Flossbach Von Storch AG now owns 4,669,950 shares of the footwear maker’s stock valued at $275,527,000 after purchasing an additional 2,739,500 shares during the period. Wellington Management Group LLP increased its stake in shares of Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after purchasing an additional 2,375,447 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Nike in the first quarter valued at approximately $122,886,000. Hedge funds and other institutional investors own 62.72% of the company’s stock.
In other news, insider Eric D. Sprunk sold 112,323 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the sale, the insider now owns 139,551 shares of the company’s stock, valued at $8,179,084.11. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the sale, the chief financial officer now directly owns 34,976 shares in the company, valued at approximately $2,077,574.40. The disclosure for this sale can be found here. In the last three months, insiders sold 492,360 shares of company stock worth $28,485,174. 3.90% of the stock is currently owned by insiders.
Nike, Inc. (NYSE NKE) opened at 53.52 on Thursday. The company has a market cap of $87.94 billion, a P/E ratio of 21.32 and a beta of 0.61. The stock’s 50 day moving average is $56.31 and its 200-day moving average is $55.53. Nike, Inc. has a 12-month low of $49.01 and a 12-month high of $60.53.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Analysts predict that Nike, Inc. will post $2.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s dividend payout ratio is presently 28.69%.
NKE has been the topic of several analyst reports. Nomura restated a “buy” rating and issued a $60.00 price target on shares of Nike in a research note on Friday, June 30th. J P Morgan Chase & Co lowered shares of Nike from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $61.00 to $58.00 in a research note on Friday, June 16th. Telsey Advisory Group dropped their price target on shares of Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, June 22nd. Cowen and Company raised their price target on shares of Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a research note on Friday, June 30th. Finally, Jefferies Group LLC lowered shares of Nike from a “buy” rating to a “hold” rating and dropped their price target for the company from $75.00 to $60.00 in a research note on Monday, August 21st. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have assigned a buy rating to the stock. Nike presently has a consensus rating of “Buy” and an average target price of $60.44.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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