King Luther Capital Management Corp Sells 92,008 Shares of NIKE, Inc. (NYSE:NKE)

King Luther Capital Management Corp lowered its stake in NIKE, Inc. (NYSE:NKE) by 43.4% during the 1st quarter, Holdings Channel reports. The firm owned 119,896 shares of the footwear maker’s stock after selling 92,008 shares during the quarter. King Luther Capital Management Corp’s holdings in NIKE were worth $7,611,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of NKE. Heck Capital Advisors LLC purchased a new stake in NIKE in the 4th quarter worth $28,000. Roxbury Financial LLC lifted its stake in NIKE by 52.1% in the 1st quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker’s stock worth $37,000 after purchasing an additional 201 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in NIKE in the 1st quarter worth $37,000. Putney Financial Group LLC purchased a new stake in NIKE in the 4th quarter worth $40,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in NIKE in the 4th quarter worth $42,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NKE. Hsbc Global Res raised shares of NIKE from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 27th. Barclays lifted their price objective on shares of NIKE from $53.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Friday, June 27th. The Goldman Sachs Group lifted their price objective on shares of NIKE from $72.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. Morgan Stanley lifted their price objective on shares of NIKE from $61.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Friday, June 27th. Finally, UBS Group began coverage on shares of NIKE in a research note on Sunday, July 6th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $78.22.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the sale, the chairman owned 842,361 shares of the company’s stock, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.80% of the company’s stock.

NIKE Trading Down 0.2%

NYSE NKE opened at $74.17 on Monday. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The firm has a market cap of $109.54 billion, a PE ratio of 34.34, a price-to-earnings-growth ratio of 2.70 and a beta of 1.27. The company has a 50 day moving average price of $69.70 and a 200 day moving average price of $67.55. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. NIKE had a net margin of 6.95% and a return on equity of 23.33%. NIKE’s revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 EPS. As a group, sell-side analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE’s payout ratio is currently 74.07%.

NIKE Profile

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.