Sandy Spring Bank Increases Holdings in Nike Inc (NYSE:NKE)
Sandy Spring Bank grew its holdings in shares of Nike Inc (NYSE:NKE) by 0.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 128,739 shares of the footwear maker’s stock after acquiring an additional 332 shares during the quarter. Nike makes up 0.9% of Sandy Spring Bank’s holdings, making the stock its 22nd biggest holding. Sandy Spring Bank’s holdings in Nike were worth $13,042,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Garrett Wealth Advisory Group LLC purchased a new stake in Nike in the 3rd quarter worth about $26,000. Marquette Asset Management LLC purchased a new stake in Nike in the 3rd quarter worth about $28,000. Candriam Luxembourg S.C.A. raised its position in Nike by 97.4% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 295,776 shares of the footwear maker’s stock worth $29,000 after purchasing an additional 145,904 shares during the period. LFA Lugano Financial Advisors SA purchased a new stake in Nike in the 4th quarter worth about $33,000. Finally, Carmichael Hill & Associates Inc. purchased a new stake in Nike in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 65.30% of the company’s stock.
In related news, insider Elliott Hill sold 90,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $102.50, for a total transaction of $9,225,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter B. Henry sold 2,416 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $101.14, for a total transaction of $244,354.24. Following the sale, the director now directly owns 4,046 shares of the company’s stock, valued at approximately $409,212.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 436,916 shares of company stock worth $43,122,614. Insiders own 3.80% of the company’s stock.
Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.12. Nike had a net margin of 11.21% and a return on equity of 50.03%. The firm had revenue of $10.33 billion for the quarter, compared to the consensus estimate of $10.09 billion. During the same period last year, the firm earned $0.52 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts predict that Nike Inc will post 3 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a dividend yield of 0.95%. Nike’s dividend payout ratio is presently 39.36%.
A number of research firms recently weighed in on NKE. Argus increased their price objective on shares of Nike from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 24th. They noted that the move was a valuation call. Morgan Stanley upped their target price on shares of Nike from $118.00 to $119.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Needham & Company LLC upped their target price on shares of Nike from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Jefferies Financial Group set a $97.00 target price on shares of Nike and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $110.00 target price (up from $101.00) on shares of Nike in a research note on Friday, December 20th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $107.54.
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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