Pinnacle Associates Ltd. Decreases Holdings in Nike Inc (NYSE:NKE)
Pinnacle Associates Ltd. lowered its stake in shares of Nike Inc (NYSE:NKE) by 11.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 13,786 shares of the footwear maker’s stock after selling 1,814 shares during the period. Pinnacle Associates Ltd.’s holdings in Nike were worth $1,161,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in shares of Nike by 42.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 2,133,675 shares of the footwear maker’s stock valued at $158,219,000 after buying an additional 635,410 shares during the period. Hollencrest Capital Management acquired a new stake in shares of Nike during the 1st quarter valued at $202,000. WealthTrust Fairport LLC boosted its stake in shares of Nike by 2.7% during the 4th quarter. WealthTrust Fairport LLC now owns 60,157 shares of the footwear maker’s stock valued at $4,460,000 after buying an additional 1,604 shares during the period. Tiemann Investment Advisors LLC boosted its stake in shares of Nike by 2.4% during the 4th quarter. Tiemann Investment Advisors LLC now owns 5,420 shares of the footwear maker’s stock valued at $402,000 after buying an additional 125 shares during the period. Finally, Brinker Capital Inc. boosted its stake in shares of Nike by 4.1% during the 4th quarter. Brinker Capital Inc. now owns 85,941 shares of the footwear maker’s stock valued at $6,375,000 after buying an additional 3,400 shares during the period. 65.70% of the stock is owned by institutional investors.
In related news, insider Eric D. Sprunk sold 40,004 shares of Nike stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $87.82, for a total value of $3,513,151.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John F. Slusher sold 110,000 shares of Nike stock in a transaction on Monday, April 1st. The stock was sold at an average price of $85.02, for a total transaction of $9,352,200.00. The disclosure for this sale can be found here. Insiders sold a total of 166,504 shares of company stock worth $14,320,816 in the last quarter. Insiders own 3.90% of the company’s stock.
Nike (NYSE:NKE) last announced its earnings results on Thursday, March 21st. The footwear maker reported $0.68 EPS for the quarter, topping the consensus estimate of $0.65 by $0.03. The firm had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $9.60 billion. Nike had a net margin of 10.79% and a return on equity of 45.78%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 EPS. On average, research analysts expect that Nike Inc will post 2.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.88 annualized dividend and a yield of 1.05%. Nike’s dividend payout ratio (DPR) is presently 36.36%.
A number of research analysts have recently weighed in on the stock. Telsey Advisory Group raised their price target on shares of Nike from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Monday, March 18th. Wells Fargo & Co raised their price target on shares of Nike from $76.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, March 22nd. Bank of America raised their price target on shares of Nike from $55.00 to $60.00 and gave the company an “underperform” rating in a report on Tuesday, March 19th. Citigroup assumed coverage on shares of Nike in a report on Wednesday, April 10th. They set a “buy” rating and a $100.00 price target on the stock. Finally, Wedbush raised their price target on shares of Nike from $90.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, March 14th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $87.39.
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NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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