Nike, Inc. (NKE) Position Lowered by Gamble Jones Investment Counsel
Gamble Jones Investment Counsel trimmed its stake in Nike, Inc. (NYSE:NKE) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,023 shares of the footwear maker’s stock after selling 2,179 shares during the period. Gamble Jones Investment Counsel’s holdings in Nike were worth $3,364,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. State Street Corp grew its position in shares of Nike by 1.4% in the 1st quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock valued at $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Nike by 5.0% in the 1st quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock valued at $2,781,332,000 after buying an additional 2,375,447 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Nike by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock valued at $1,621,066,000 after buying an additional 144,846 shares during the last quarter. Jennison Associates LLC grew its position in shares of Nike by 124.7% in the 1st quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock valued at $1,401,251,000 after buying an additional 13,953,567 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Nike by 9.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 12,679,290 shares of the footwear maker’s stock valued at $706,617,000 after buying an additional 1,130,409 shares during the last quarter. 62.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Nike, Inc. (NKE) opened at 53.23 on Tuesday. Nike, Inc. has a one year low of $49.01 and a one year high of $60.53. The stock has a market capitalization of $87.47 billion, a P/E ratio of 21.21 and a beta of 0.61. The stock’s 50 day moving average is $55.57 and its 200-day moving average is $55.39.
Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.49 EPS. On average, equities research analysts expect that Nike, Inc. will post $2.40 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.35%. Nike’s payout ratio is presently 28.69%.
In other Nike news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the sale, the chief financial officer now owns 50,246 shares in the company, valued at approximately $2,847,943.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the sale, the insider now owns 729,610 shares in the company, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 508,360 shares of company stock worth $29,340,374. Corporate insiders own 3.90% of the company’s stock.
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NKE has been the topic of a number of recent analyst reports. Morgan Stanley reaffirmed a “buy” rating and issued a $64.00 target price (down from $68.00) on shares of Nike in a research report on Tuesday, August 29th. Telsey Advisory Group dropped their target price on shares of Nike from $63.00 to $61.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 30th. Vetr raised shares of Nike from a “buy” rating to a “strong-buy” rating and set a $59.09 target price on the stock in a research report on Wednesday, September 6th. Cowen and Company set a $54.00 target price on shares of Nike and gave the company a “hold” rating in a research report on Friday, August 4th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and issued a $55.00 target price (down from $56.00) on shares of Nike in a research report on Tuesday, September 19th. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $60.04.
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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