Summit Investment Advisors Inc. Sells 646 Shares of NIKE, Inc. (NYSE:NKE)

Summit Investment Advisors Inc. lowered its position in shares of NIKE, Inc. (NYSE:NKE) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,456 shares of the footwear maker’s stock after selling 646 shares during the quarter. Summit Investment Advisors Inc.’s holdings in NIKE were worth $1,926,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after acquiring an additional 8,898,591 shares during the period. Geode Capital Management LLC raised its stake in shares of NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock worth $1,915,110,000 after purchasing an additional 347,178 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of NIKE by 18.1% in the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Norges Bank bought a new position in NIKE during the fourth quarter valued at about $1,126,288,000. Finally, Charles Schwab Investment Management Inc. grew its position in NIKE by 7.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,205,753 shares of the footwear maker’s stock valued at $696,599,000 after buying an additional 603,219 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

Shares of NKE stock opened at $54.84 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The business’s 50 day moving average price is $69.31 and its 200-day moving average price is $74.45. The firm has a market cap of $81.11 billion, a P/E ratio of 16.92, a P/E/G ratio of 2.52 and a beta of 1.15. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $98.04.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE’s revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. On average, equities research analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.92%. NIKE’s dividend payout ratio is presently 53.16%.

Analyst Ratings Changes

NKE has been the subject of a number of research reports. DA Davidson raised shares of NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Guggenheim reissued a “buy” rating and set a $110.00 price objective on shares of NIKE in a report on Wednesday, February 12th. Needham & Company LLC lowered their target price on NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 17th. UBS Group cut their price target on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, March 21st. Finally, Berenberg Bank started coverage on NIKE in a research note on Tuesday. They issued a “hold” rating and a $58.00 price objective on the stock. Sixteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.15.

Insider Buying and Selling

In other NIKE news, Director Robert Holmes Swan acquired 8,600 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares of the company’s stock, valued at $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

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.