Bridges Investment Management Inc. Raises Position in Nike, Inc. (NKE)
Bridges Investment Management Inc. boosted its position in shares of Nike, Inc. (NYSE:NKE) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 31,835 shares of the footwear maker’s stock after buying an additional 460 shares during the period. Bridges Investment Management Inc.’s holdings in Nike were worth $1,878,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Accredited Investors Inc. raised its stake in shares of Nike by 0.5% in the first quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock worth $232,000 after buying an additional 19 shares during the last quarter. Montecito Bank & Trust raised its stake in shares of Nike by 0.3% in the first quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock worth $402,000 after buying an additional 24 shares during the last quarter. Smith Shellnut Wilson LLC ADV raised its stake in shares of Nike by 0.3% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 14,894 shares of the footwear maker’s stock worth $822,000 after buying an additional 41 shares during the last quarter. Intrust Bank NA raised its stake in shares of Nike by 0.9% in the first quarter. Intrust Bank NA now owns 5,082 shares of the footwear maker’s stock worth $283,000 after buying an additional 46 shares during the last quarter. Finally, Welch & Forbes LLC raised its stake in shares of Nike by 0.5% in the first quarter. Welch & Forbes LLC now owns 9,998 shares of the footwear maker’s stock worth $557,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Shares of Nike, Inc. (NKE) traded up 0.29% on Wednesday, reaching $58.73. 2,449,842 shares of the company were exchanged. The stock has a 50 day moving average of $58.31 and a 200-day moving average of $55.72. The company has a market capitalization of $96.50 billion, a P/E ratio of 23.40 and a beta of 0.59. Nike, Inc. has a 52-week low of $49.01 and a 52-week high of $60.53. Nike also saw unusually large options trading activity on Tuesday. Stock investors acquired 10,309 put options on the stock. This represents an increase of 171% compared to the average volume of 3,808 put options.
Nike (NYSE:NKE) last issued its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping the 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 company had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts predict that Nike, Inc. will post $2.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 annualized dividend and a yield of 1.23%. Nike’s payout ratio is currently 28.69%.
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A number of research firms have weighed in on NKE. Jefferies Group LLC restated a “buy” rating and set a $75.00 target price on shares of Nike in a report on Friday, May 5th. Morgan Stanley restated an “equal weight” rating and set 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 Nike and gave the stock a “buy” rating in a report on Saturday, June 24th. UBS AG restated a “buy” rating and set a $62.00 target price (down previously from $63.00) on shares of Nike in a report on Tuesday, June 27th. Finally, Nomura restated a “buy” rating and set a $60.00 target price on shares of Nike in a report on Friday, June 30th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-two have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $61.04.
In other Nike news, CAO Hilary K. Krane sold 28,072 shares of the company’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the transaction, the chief accounting officer now directly owns 177,723 shares in the company, valued at $10,325,706.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Campion sold 96,243 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 50,246 shares in the company, valued at $2,847,943.28. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock worth $28,485,174 over the last 90 days. 3.90% of the stock is currently owned by company insiders.
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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