Honeycomb Asset Management LP Takes Position in NIKE, Inc. $NKE

Honeycomb Asset Management LP acquired a new position in shares of NIKE, Inc. (NYSE:NKE) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 23,800 shares of the footwear maker’s stock, valued at approximately $1,258,000. NIKE comprises about 6.5% of Honeycomb Asset Management LP’s holdings, making the stock its 3rd largest position.

Several other large investors have also made changes to their positions in NKE. Cornerstone Financial Management LLC acquired a new stake in NIKE during the fourth quarter worth about $26,000. Sankala Group LLC acquired a new position in shares of NIKE in the 4th quarter valued at about $26,000. J.Safra Asset Management Corp acquired a new position in shares of NIKE in the 4th quarter valued at about $29,000. Kemnay Advisory Services Inc. purchased a new stake in shares of NIKE during the 4th quarter worth about $30,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of NIKE during the 1st quarter worth about $25,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on NKE shares. Stifel Nicolaus set a $45.00 price target on shares of NIKE and gave the company a “hold” rating in a report on Wednesday, July 1st. Bank of America decreased their price objective on shares of NIKE from $55.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Telsey Advisory Group set a $47.00 price objective on shares of NIKE and gave the stock a “market perform” rating in a research report on Wednesday, July 1st. The Goldman Sachs Group cut their target price on shares of NIKE from $46.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Finally, BTIG Research restated a “buy” rating and set a $55.00 target price on shares of NIKE in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $53.74.

Insiders Place Their Bets

In other news, EVP Philip Mccartney sold 17,398 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $46.18, for a total transaction of $803,439.64. Following the completion of the sale, the executive vice president directly owned 53,133 shares in the company, valued at $2,453,681.94. This trade represents a 24.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 insiders.

NIKE Trading Down 1.0%

NYSE NKE opened at $41.86 on Friday. The stock has a market cap of $62.10 billion, a P/E ratio of 20.03, a PEG ratio of 1.85 and a beta of 1.12. The company’s fifty day simple moving average is $43.56 and its 200-day simple moving average is $50.36. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a 52 week low of $40.00 and a 52 week high of $80.17.

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

NIKE Announces Dividend

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

NIKE Company 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).