Signature Estate & Investment Advisors LLC Takes Position in Nike Inc (NKE)
Signature Estate & Investment Advisors LLC bought a new stake in shares of Nike Inc (NYSE:NKE) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,106 shares of the footwear maker’s stock, valued at approximately $178,000.
Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Nike by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock worth $2,226,327,000 after buying an additional 1,273,548 shares in the last quarter. Northern Trust Corp raised its stake in shares of Nike by 0.3% in the 2nd quarter. Northern Trust Corp now owns 20,669,184 shares of the footwear maker’s stock valued at $1,646,920,000 after purchasing an additional 64,030 shares in the last quarter. FMR LLC raised its stake in shares of Nike by 1.4% in the 2nd quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock valued at $1,247,869,000 after purchasing an additional 219,743 shares in the last quarter. Edgewood Management LLC raised its stake in shares of Nike by 2.6% in the 2nd quarter. Edgewood Management LLC now owns 15,500,497 shares of the footwear maker’s stock valued at $1,235,080,000 after purchasing an additional 388,901 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Nike by 26.5% in the 2nd quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock valued at $1,174,533,000 after purchasing an additional 3,087,189 shares in the last quarter. Institutional investors and hedge funds own 64.03% of the company’s stock.
In other Nike news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $85.05, for a total value of $1,360,800.00. Following the completion of the transaction, the director now owns 26,963 shares in the company, valued at approximately $2,293,203.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $76.07, for a total transaction of $760,700.00. Following the completion of the transaction, the executive vice president now owns 86,774 shares of the company’s stock, valued at approximately $6,600,898.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,648 shares of company stock valued at $5,652,227. 3.90% of the stock is owned by insiders.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 25th. The footwear maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. Nike had a net margin of 5.57% and a return on equity of 40.69%. The business had revenue of $9.95 billion during the quarter, compared to the consensus estimate of $9.92 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts expect that Nike Inc will post 2.62 earnings per share for the current fiscal year.
Nike declared that its board has approved a stock repurchase program on Thursday, June 28th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, August 31st. Nike’s dividend payout ratio (DPR) is 33.06%.
A number of brokerages have recently issued reports on NKE. CIBC upgraded shares of Nike from a “market perform” rating to an “outperform” rating in a research note on Thursday. Oppenheimer upgraded shares of Nike from a “market perform” rating to an “outperform” rating and set a $90.00 target price on the stock in a research note on Thursday. UBS Group restated a “neutral” rating on shares of Nike in a research note on Wednesday. Cowen set a $81.00 target price on shares of Nike and gave the company a “hold” rating in a research note on Wednesday, October 10th. Finally, Morningstar set a $75.00 target price on shares of Nike and gave the company a “hold” rating in a research note on Friday, October 5th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $84.75.
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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