Mechanics Financial Corp Decreases Stock Position in NIKE, Inc. $NKE

Mechanics Financial Corp cut its holdings in NIKE, Inc. (NYSE:NKE) by 16.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 985 shares of the footwear maker’s stock after selling 200 shares during the quarter. Mechanics Financial Corp’s holdings in NIKE were worth $70,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stone House Investment Management LLC purchased a new stake in NIKE in the first quarter valued at about $25,000. Halbert Hargrove Global Advisors LLC increased its holdings in shares of NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 362 shares during the period. Saudi Central Bank acquired a new position in shares of NIKE in the first quarter valued at about $30,000. Matrix Trust Co increased its holdings in shares of NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock valued at $31,000 after purchasing an additional 153 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new position in shares of NIKE in the second quarter valued at about $35,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Up 0.5%

Shares of NKE opened at $74.59 on Friday. The company has a current ratio of 2.19, a quick ratio of 1.50 and a debt-to-equity ratio of 0.59. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $84.76. The stock’s 50 day moving average is $74.71 and its two-hundred day moving average is $67.32. The firm has a market cap of $110.16 billion, a P/E ratio of 38.25, a PEG ratio of 2.79 and a beta of 1.29.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The company had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. During the same period last year, the company earned $0.70 earnings per share. NIKE’s quarterly revenue was up 1.0% compared to the same quarter last year. Analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is presently 82.05%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares of the company’s stock, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NKE. Robert W. Baird increased their price objective on NIKE from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Evercore ISI cut their price objective on NIKE from $97.00 to $75.00 and set an “outperform” rating on the stock in a report on Tuesday, June 24th. Jefferies Financial Group reissued a “buy” rating and issued a $115.00 price objective on shares of NIKE in a report on Monday. HSBC raised NIKE from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Friday, June 27th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $75.00 target price on shares of NIKE in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.57.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.