Summit Global Investments Sells 28,826 Shares of NIKE, Inc. (NYSE:NKE)

Summit Global Investments cut its stake in NIKE, Inc. (NYSE:NKE) by 75.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,624 shares of the footwear maker’s stock after selling 28,826 shares during the period. Summit Global Investments’ holdings in NIKE were worth $1,045,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Newport Trust Company LLC bought a new stake in NIKE during the third quarter worth about $679,775,000. Flossbach Von Storch AG increased its stake in NIKE by 433.5% in the third quarter. Flossbach Von Storch AG now owns 4,128,587 shares of the footwear maker’s stock valued at $394,775,000 after acquiring an additional 3,354,677 shares during the last quarter. Van ECK Associates Corp raised its position in NIKE by 117.0% during the third quarter. Van ECK Associates Corp now owns 2,986,441 shares of the footwear maker’s stock valued at $285,564,000 after purchasing an additional 1,610,273 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in NIKE by 37.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,791,531 shares of the footwear maker’s stock worth $553,786,000 after purchasing an additional 1,583,541 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of NIKE in the 3rd quarter valued at $97,724,000. 64.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on NKE. UBS Group lowered their price target on NIKE from $138.00 to $125.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Sanford C. Bernstein lowered their target price on NIKE from $134.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Stifel Nicolaus reduced their price target on shares of NIKE from $129.00 to $117.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Wells Fargo & Company lowered their price objective on shares of NIKE from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, March 22nd. Finally, Citigroup dropped their price objective on shares of NIKE from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, March 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average price target of $116.26.

NIKE Stock Down 0.3 %

NYSE NKE traded down $0.26 during trading hours on Friday, hitting $92.15. The company’s stock had a trading volume of 5,736,711 shares, compared to its average volume of 8,740,078. The company has a market capitalization of $139.09 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 1.78 and a beta of 1.07. NIKE, Inc. has a 52 week low of $88.66 and a 52 week high of $127.69. The company’s 50-day simple moving average is $96.00 and its two-hundred day simple moving average is $103.11. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, March 21st. The footwear maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.29. NIKE had a return on equity of 39.41% and a net margin of 10.14%. The business had revenue of $12.43 billion during the quarter, compared to the consensus estimate of $12.28 billion. Research analysts anticipate that NIKE, Inc. will post 3.73 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.61%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio is 43.53%.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.