NIKE, Inc. $NKE Position Trimmed by Bank of America Corp DE

Bank of America Corp DE cut its stake in shares of NIKE, Inc. (NYSE:NKE) by 0.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,178,482 shares of the footwear maker’s stock after selling 115,294 shares during the period. Bank of America Corp DE’s holdings in NIKE were worth $748,907,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NKE. Hamilton Wealth LLC purchased a new stake in shares of NIKE during the first quarter worth $899,000. Edgestream Partners L.P. acquired a new stake in NIKE during the first quarter valued at $234,000. Centaurus Financial Inc. grew its stake in NIKE by 77.8% in the first quarter. Centaurus Financial Inc. now owns 6,498 shares of the footwear maker’s stock valued at $343,000 after purchasing an additional 2,843 shares in the last quarter. Arkadios Wealth Advisors increased its position in NIKE by 35.2% in the 1st quarter. Arkadios Wealth Advisors now owns 79,352 shares of the footwear maker’s stock worth $4,191,000 after purchasing an additional 20,643 shares during the last quarter. Finally, South Dakota Investment Council increased its position in NIKE by 62.6% in the 1st quarter. South Dakota Investment Council now owns 208,477 shares of the footwear maker’s stock worth $11,012,000 after purchasing an additional 80,300 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Down 1.0%

NKE stock opened at $41.86 on Friday. NIKE, Inc. has a twelve month low of $40.00 and a twelve month high of $80.17. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. The company has a market cap of $62.10 billion, a PE ratio of 20.03, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12. The business’s 50-day simple moving average is $43.56 and its 200 day simple moving average is $50.36.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The firm had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.85 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts anticipate that NIKE, Inc. will post 1.74 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were paid a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a yield of 3.9%. NIKE’s payout ratio is currently 78.47%.

Insider Transactions at NIKE

In other news, EVP Philip Mccartney sold 17,398 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. This represents a 24.67% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NKE shares. Robert W. Baird reaffirmed an “outperform” rating and set a $70.00 price objective on shares of NIKE in a research report on Wednesday, July 1st. Wall Street Zen upgraded shares of NIKE from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Guggenheim restated a “buy” rating and set a $60.00 price target (down from $74.00) on shares of NIKE in a report on Wednesday, July 1st. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $68.00 price objective (down from $72.00) on shares of NIKE in a research note on Wednesday. Finally, CICC Research decreased their price objective on shares of NIKE from $58.00 to $44.80 and set a “neutral” rating for the company in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, NIKE presently has a consensus rating of “Hold” and a consensus target price of $53.74.

NIKE Profile

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).