Nike, Inc. (NKE) Stake Increased by Spinnaker Trust
Spinnaker Trust lifted its position in shares of Nike, Inc. (NYSE:NKE) by 2.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,697 shares of the footwear maker’s stock after buying an additional 1,211 shares during the period. Spinnaker Trust’s holdings in Nike were worth $2,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in NKE. Waldron LP increased its holdings in shares of Nike by 90.8% during the 1st quarter. Waldron LP now owns 8,922 shares of the footwear maker’s stock worth $496,000 after buying an additional 4,246 shares during the last quarter. Midas Management Corp acquired a new stake in shares of Nike during the 1st quarter worth approximately $1,812,000. Crestwood Advisors Group LLC acquired a new stake in shares of Nike during the 1st quarter worth approximately $117,000. Personal Capital Advisors Corp increased its holdings in shares of Nike by 15.5% during the 1st quarter. Personal Capital Advisors Corp now owns 83,943 shares of the footwear maker’s stock worth $4,758,000 after buying an additional 11,288 shares during the last quarter. Finally, First Manhattan Co. increased its holdings in shares of Nike by 8.2% during the 1st quarter. First Manhattan Co. now owns 190,424 shares of the footwear maker’s stock worth $10,025,000 after buying an additional 14,498 shares during the last quarter. Institutional investors and hedge funds own 62.72% of the company’s stock.
Nike, Inc. (NKE) opened at 53.40 on Wednesday. Nike, Inc. has a 52 week low of $49.01 and a 52 week high of $60.53. The firm has a market capitalization of $87.75 billion, a price-to-earnings ratio of 21.27 and a beta of 0.61. The stock’s 50 day moving average is $56.46 and its 200-day moving average is $55.56.
Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 EPS. On average, equities research analysts expect that Nike, Inc. will post $2.41 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued 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 payout ratio is presently 28.69%.
A number of analysts have recently issued reports on NKE shares. Berenberg Bank started coverage on shares of Nike in a report on Tuesday, May 16th. They set a “buy” rating and a $70.00 price target for the company. Canaccord Genuity set a $51.00 target price on shares of Nike and gave the company a “hold” rating in a report on Friday, May 26th. Piper Jaffray Companies set a $50.00 target price on shares of Nike and gave the company a “hold” rating in a report on Thursday, June 1st. Zacks Investment Research downgraded shares of Nike from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Vetr downgraded shares of Nike from a “buy” rating to a “hold” rating and set a $54.16 target price for the company. in a report on Monday, June 5th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $60.66.
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In other news, insider Eric D. Sprunk sold 50,000 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $59.00, for a total value of $2,950,000.00. Following the completion of the sale, the insider now owns 300,108 shares of the company’s stock, valued at approximately $17,706,372. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 729,610 shares of the company’s stock, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last three months, insiders sold 492,360 shares of company stock valued at $28,485,174. 3.90% of the stock is currently owned by 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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