Wallington Asset Management LLC Holds Stake in Nike, Inc. (NKE)
Wallington Asset Management LLC continued to hold its position in shares of Nike, Inc. (NYSE:NKE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,400 shares of the footwear maker’s stock at the end of the second quarter. Wallington Asset Management LLC’s holdings in Nike were worth $378,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Berkshire Asset Management LLC PA acquired a new position in shares of Nike during the second quarter worth about $276,000. First Citizens Bank & Trust Co. increased its position in shares of Nike by 1.0% in the second quarter. First Citizens Bank & Trust Co. now owns 11,565 shares of the footwear maker’s stock worth $682,000 after buying an additional 117 shares during the period. SOL Capital Management CO increased its position in shares of Nike by 21.4% in the second quarter. SOL Capital Management CO now owns 13,032 shares of the footwear maker’s stock worth $769,000 after buying an additional 2,300 shares during the period. Bridges Investment Counsel Inc. increased its position in shares of Nike by 15.2% in the second quarter. Bridges Investment Counsel Inc. now owns 26,310 shares of the footwear maker’s stock worth $1,553,000 after buying an additional 3,465 shares during the period. Finally, Bridges Investment Management Inc. increased its position in shares of Nike by 1.5% in the second quarter. Bridges Investment Management Inc. now owns 31,835 shares of the footwear maker’s stock worth $1,878,000 after buying an additional 460 shares during the period. 63.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Nike, Inc. (NYSE NKE) traded up 1.29% during mid-day trading on Tuesday, reaching $54.30. The company’s stock had a trading volume of 4,648,241 shares. Nike, Inc. has a 52-week low of $49.01 and a 52-week high of $60.53. The company has a market capitalization of $89.23 billion, a PE ratio of 21.63 and a beta of 0.59. The firm’s 50 day moving average is $58.48 and its 200-day moving average is $55.81.
Nike (NYSE:NKE) last issued 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 for the quarter, compared to the consensus estimate of $8.63 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. Nike’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts forecast that Nike, Inc. will post $2.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. Nike’s dividend payout ratio is 28.69%.
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A number of brokerages recently issued reports on NKE. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $58.00 price target (down from $63.00) on shares of Nike in a report on Monday. Jefferies Group LLC downgraded Nike from a “buy” rating to a “hold” rating and lowered their price target for the company from $75.00 to $60.00 in a report on Monday. Vetr raised Nike from a “hold” rating to a “buy” rating and set a $59.74 price target for the company in a report on Monday. BidaskClub downgraded Nike from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Cowen and Company set a $54.00 price target on Nike and gave the company a “hold” rating in a report on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Nike has a consensus rating of “Hold” and an average price target of $60.54.
In other news, insider Trevor A. Edwards sold 200,000 shares of Nike stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the transaction, the insider now owns 729,610 shares in the company, valued at $42,047,424.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Campion sold 96,243 shares of Nike stock in a transaction on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the transaction, the chief financial officer now owns 50,246 shares in the company, valued at approximately $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 in the last quarter. 3.90% of the stock is currently owned by corporate 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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