Nike, Inc. (NKE) Stake Lowered by Bristlecone Advisors LLC
Bristlecone Advisors LLC trimmed its position in shares of Nike, Inc. (NYSE:NKE) by 11.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,806 shares of the footwear maker’s stock after selling 3,080 shares during the period. Bristlecone Advisors LLC’s holdings in Nike were worth $1,405,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of NKE. V Wealth Management LLC purchased a new position in shares of Nike during the second quarter valued at about $100,000. Crestwood Advisors Group LLC purchased a new position in shares of Nike during the first quarter valued at about $117,000. Webster Bank N. A. increased its position in shares of Nike by 75.5% during the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the period. Rational Advisors LLC increased its position in shares of Nike by 14.3% during the first quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after buying an additional 321 shares during the period. Finally, Cribstone Capital Management LLC increased its position in shares of Nike by 4.3% during the second quarter. Cribstone Capital Management LLC now owns 2,799 shares of the footwear maker’s stock valued at $166,000 after buying an additional 115 shares during the period. 62.72% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Eric D. Sprunk sold 50,000 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $59.00, for a total value of $2,950,000.00. Following the completion of the transaction, the insider now directly owns 300,108 shares in the company, valued at approximately $17,706,372. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the transaction, the chief financial officer now owns 34,976 shares of the company’s stock, valued at $2,077,574.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 492,360 shares of company stock valued at $28,485,174. Company insiders own 3.90% of the company’s stock.
Shares of Nike, Inc. (NKE) opened at 53.36 on Monday. Nike, Inc. has a 52 week low of $49.01 and a 52 week high of $60.53. The stock has a market capitalization of $87.68 billion, a PE ratio of 21.26 and a beta of 0.61. The stock has a 50 day moving average of $57.31 and a 200-day moving average of $55.74.
Nike (NYSE:NKE) last posted its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same period in the previous year, the business posted $0.49 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Nike, Inc. will post $2.41 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s dividend payout ratio is currently 28.69%.
Several equities analysts recently issued reports on NKE shares. Berenberg Bank started coverage on shares of Nike in a research report on Tuesday, May 16th. They set a “buy” rating and a $70.00 price target on the stock. Jefferies Group LLC cut shares of Nike to a “buy” rating in a research report on Tuesday, August 29th. Stifel Nicolaus reiterated a “buy” rating and set a $66.00 price target on shares of Nike in a research report on Friday, June 30th. Morgan Stanley upgraded shares of Nike from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $56.00 to $68.00 in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG set a $63.00 price target on shares of Nike and gave the company a “buy” rating in a research report on Tuesday, June 20th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $60.36.
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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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