Tdam USA Inc. Decreases Stake in Nike, Inc. (NKE)
Tdam USA Inc. cut its stake in Nike, Inc. (NYSE:NKE) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,456 shares of the footwear maker’s stock after selling 836 shares during the period. Tdam USA Inc.’s holdings in Nike were worth $2,422,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Crestwood Advisors Group LLC acquired a new position in shares of Nike during the first quarter worth approximately $117,000. Webster Bank N. A. raised its position in shares of Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock worth $117,000 after buying an additional 900 shares during the last quarter. Gierl Augustine Investment Management Inc raised its position in shares of Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock worth $118,000 after buying an additional 107 shares during the last quarter. Asset Planning Services Ltd. purchased a new position in shares of Nike during the first quarter worth about $118,000. Finally, SRS Capital Advisors Inc. purchased a new position in shares of Nike during the fourth quarter worth about $120,000. 64.28% of the stock is owned by institutional investors.
Nike, Inc. (NYSE:NKE) traded down 0.63% during midday trading on Friday, reaching $59.76. The company’s stock had a trading volume of 4,105,938 shares. The firm has a 50 day moving average price of $56.38 and a 200-day moving average price of $55.29. The firm has a market cap of $98.20 billion, a P/E ratio of 23.81 and a beta of 0.59. Nike, Inc. has a 52 week low of $49.01 and a 52 week high of $60.34.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same quarter in the prior year, the business posted $0.49 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Nike, Inc. will post $2.42 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Monday, June 5th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.20%. Nike’s payout ratio is presently 28.69%.
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NKE has been the subject of a number of research reports. Vetr lowered Nike from a “buy” rating to a “hold” rating and set a $58.44 price target for the company. in a research note on Monday, April 17th. Canaccord Genuity set a $51.00 price target on Nike and gave the company a “hold” rating in a research note on Friday, May 26th. Nomura reissued a “buy” rating on shares of Nike in a research note on Monday, May 15th. Instinet reissued a “buy” rating on shares of Nike in a research note on Monday, May 15th. Finally, Berenberg Bank reissued a “buy” rating and set a $70.00 price objective on shares of Nike in a research note on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-two have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $61.04.
In related news, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Campion sold 96,243 shares of the stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the completion of the transaction, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at approximately $2,847,943.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 492,360 shares of company stock worth $28,485,174. Company insiders own 3.90% of the company’s stock.
Nike Company Profile
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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