Olstein Capital Management L.P. Continues to Hold Stake in Nike, Inc. (NYSE:NKE)
Olstein Capital Management L.P. maintained its position in shares of Nike, Inc. (NYSE:NKE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,000 shares of the footwear maker’s stock at the end of the first quarter. Olstein Capital Management L.P.’s holdings in Nike were worth $3,678,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Zurich Insurance Group Ltd FI boosted its position in Nike by 5.1% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 168,819 shares of the footwear maker’s stock worth $8,581,000 after buying an additional 8,219 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Nike by 64.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 690,626 shares of the footwear maker’s stock worth $35,104,000 after buying an additional 269,842 shares during the last quarter. Tyers Asset Management LLC bought a new stake in shares of Nike during the fourth quarter worth $12,834,000. Parallel Advisors LLC bought a new stake in shares of Nike during the fourth quarter worth $813,000. Finally, Sand Hill Global Advisors LLC raised its stake in shares of Nike by 2.4% in the fourth quarter. Sand Hill Global Advisors LLC now owns 89,486 shares of the footwear maker’s stock worth $4,549,000 after buying an additional 2,074 shares during the last quarter. Institutional investors own 64.77% of the company’s stock.
Nike, Inc. (NYSE:NKE) traded up 0.05% during trading on Monday, hitting $59.79. 3,984,257 shares of the stock traded hands. Nike, Inc. has a 12 month low of $49.01 and a 12 month high of $60.33. The firm’s 50-day moving average is $56.38 and its 200-day moving average is $55.29. The stock has a market cap of $98.25 billion, a P/E ratio of 23.82 and a beta of 0.59.
Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The business had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same quarter last year, the business posted $0.49 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts forecast that Nike, Inc. will post $2.42 EPS for the current year.
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Several equities research analysts recently commented on the stock. Jefferies Group LLC reissued a “buy” rating and set a $75.00 price objective on shares of Nike in a research note on Friday, May 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $56.00 target price on shares of Nike in a report on Wednesday, June 21st. Credit Suisse Group set a $63.00 target price on shares of Nike and gave the stock a “buy” rating in a report on Saturday, June 24th. UBS AG reissued a “buy” rating and set a $62.00 price objective (down from $63.00) on shares of Nike in a report on Tuesday, June 27th. Finally, Nomura reissued a “buy” rating and set a $60.00 price objective on shares of Nike in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $61.04.
In related news, CFO Andrew Campion sold 96,243 shares of the stock in a transaction on 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 of the company’s stock, valued at $2,847,943.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total value of $11,526,000.00. Following the sale, the insider now directly 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 sold 492,360 shares of company stock valued at $28,485,174. Company insiders own 3.90% of the company’s stock.
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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