Grimes & Company Inc. boosted its stake in Nike, Inc. (NYSE:NKE) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,764 shares of the footwear maker’s stock after buying an additional 100 shares during the period. Grimes & Company Inc.’s holdings in Nike were worth $266,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Personal Capital Advisors Corp increased its position in shares of 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 in the last quarter. Stillwater Investment Management LLC increased its position in shares of Nike by 4.6% in the first quarter. Stillwater Investment Management LLC now owns 37,813 shares of the footwear maker’s stock valued at $2,107,000 after buying an additional 1,677 shares in the last quarter. Adviser Investments LLC purchased a new position in shares of Nike during the first quarter valued at about $2,645,000. Comerica Bank increased its position in shares of Nike by 0.5% in the fourth quarter. Comerica Bank now owns 598,603 shares of the footwear maker’s stock valued at $31,679,000 after buying an additional 3,111 shares in the last quarter. Finally, Lederer & Associates Investment Counsel CA increased its position in shares of Nike by 1.4% in the first quarter. Lederer & Associates Investment Counsel CA now owns 6,330 shares of the footwear maker’s stock valued at $353,000 after buying an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 65.55% of the company’s stock.
Nike, Inc. (NKE) opened at 51.10 on Friday. The firm’s 50-day moving average is $53.33 and its 200-day moving average is $54.14. Nike, Inc. has a 52-week low of $49.01 and a 52-week high of $60.33. The stock has a market cap of $84.35 billion, a P/E ratio of 21.32 and a beta of 0.47.
Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.15. The business had revenue of $8.43 billion for the quarter, compared to analysts’ expectations of $8.47 billion. Nike had a net margin of 12.02% and a return on equity of 32.97%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 earnings per share. Equities research analysts predict that Nike, Inc. will post $2.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Monday, June 5th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, June 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.41%. Nike’s dividend payout ratio is presently 30.00%.
A number of brokerages recently weighed in on NKE. Morgan Stanley set a $56.00 price objective on shares of Nike and gave the company a “neutral” rating in a research report on Monday, March 13th. Piper Jaffray Companies restated a “neutral” rating and set a $51.00 price objective on shares of Nike in a research report on Thursday, March 16th. Bank of America Corporation restated an “underperform” rating and set a $46.00 price objective on shares of Nike in a research report on Wednesday, March 22nd. Deutsche Bank AG increased their price objective on shares of Nike from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, March 8th. Finally, Vetr downgraded shares of Nike from a “buy” rating to a “hold” rating and set a $58.44 price objective on the stock. in a research report on Monday, April 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-one have issued a buy rating to the company. Nike currently has an average rating of “Hold” and an average target price of $60.74.
In other news, insider Eric D. Sprunk sold 50,000 shares of the stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $55.67, for a total transaction of $2,783,500.00. Following the sale, the insider now owns 300,108 shares of the company’s stock, valued at $16,707,012.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Hilary K. Krane sold 65,000 shares of the stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $56.00, for a total transaction of $3,640,000.00. Following the sale, the chief accounting officer now directly owns 270,795 shares in the company, valued at approximately $15,164,520. The disclosure for this sale can be found here. Insiders have sold 379,000 shares of company stock worth $21,213,800 in the last three months. Corporate insiders own 3.90% of the company’s stock.
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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