Farmers National Bank Cuts Position in Nike, Inc. (NKE)
Farmers National Bank decreased its holdings in Nike, Inc. (NYSE:NKE) by 11.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 9,702 shares of the footwear maker’s stock after selling 1,247 shares during the period. Farmers National Bank’s holdings in Nike were worth $511,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of NKE. Waldron LP raised its holdings in Nike by 90.8% in the first quarter. Waldron LP now owns 8,922 shares of the footwear maker’s stock valued at $496,000 after buying an additional 4,246 shares during the period. Midas Management Corp purchased a new position in Nike in the first quarter valued at approximately $1,812,000. Crestwood Advisors Group LLC purchased a new position in Nike in the first quarter valued at approximately $117,000. Personal Capital Advisors Corp raised its holdings in Nike by 15.5% in the first quarter. Personal Capital Advisors Corp now owns 83,943 shares of the footwear maker’s stock valued at $4,758,000 after buying an additional 11,288 shares during the period. Finally, First Manhattan Co. raised its holdings in Nike by 8.2% in the first quarter. First Manhattan Co. now owns 190,424 shares of the footwear maker’s stock valued at $10,025,000 after buying an additional 14,498 shares during the period. Hedge funds and other institutional investors own 62.72% of the company’s stock.
A number of research firms have recently issued reports on NKE. Piper Jaffray Companies set a $50.00 price objective on shares of Nike and gave the company a “hold” rating in a research note on Saturday, July 1st. BidaskClub upgraded shares of Nike from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Vetr lowered shares of Nike from a “buy” rating to a “hold” rating and set a $54.16 price objective on the stock. in a research note on Monday, June 5th. Robert W. Baird reiterated an “outperform” rating and set a $62.00 price objective on shares of Nike in a research note on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $58.00 price objective (down previously from $63.00) on shares of Nike in a research note on Monday, August 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $60.44.
Shares of Nike, Inc. (NYSE:NKE) traded up 0.4243% during midday trading on Wednesday, reaching $53.6266. 2,646,992 shares of the company’s stock traded hands. Nike, Inc. has a 52-week low of $49.01 and a 52-week high of $60.53. The stock’s 50 day moving average price is $56.46 and its 200 day moving average price is $55.56. The firm has a market capitalization of $88.12 billion, a P/E ratio of 21.3652 and a beta of 0.61.
Nike (NYSE:NKE) last posted its quarterly 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. The business had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 earnings per share. On average, equities research analysts anticipate that Nike, Inc. will post $2.42 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.35%. The ex-dividend date is Thursday, August 31st. Nike’s dividend payout ratio is 28.69%.
In other Nike news, CFO Andrew Campion sold 96,243 shares of the stock in a transaction dated Friday, June 30th. The stock was 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 of the company’s stock, valued at $2,847,943.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric D. Sprunk sold 112,323 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the completion of the transaction, the insider now directly owns 139,551 shares in the company, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,360 shares of company stock worth $28,485,174. 3.90% of the stock is owned by company insiders.
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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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