Twin Capital Management Inc. reduced its position in Nike Inc (NYSE:NKE) by 28.5% during the second quarter, Holdings Channel.com reports. The firm owned 93,527 shares of the footwear maker’s stock after selling 37,233 shares during the quarter. Twin Capital Management Inc.’s holdings in Nike were worth $7,852,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Trustcore Financial Services LLC lifted its stake in Nike by 2.9% during the 2nd quarter. Trustcore Financial Services LLC now owns 4,261 shares of the footwear maker’s stock valued at $358,000 after acquiring an additional 120 shares in the last quarter. Merriman Wealth Management LLC raised its stake in shares of Nike by 1.0% during the 2nd quarter. Merriman Wealth Management LLC now owns 12,337 shares of the footwear maker’s stock worth $1,054,000 after purchasing an additional 126 shares during the period. Midwest Professional Planners LTD. raised its stake in shares of Nike by 1.0% during the 1st quarter. Midwest Professional Planners LTD. now owns 12,794 shares of the footwear maker’s stock worth $1,077,000 after purchasing an additional 127 shares during the period. Arcadia Investment Management Corp MI raised its stake in shares of Nike by 45.4% during the 1st quarter. Arcadia Investment Management Corp MI now owns 410 shares of the footwear maker’s stock worth $35,000 after purchasing an additional 128 shares during the period. Finally, First Personal Financial Services raised its stake in shares of Nike by 14.9% during the 2nd quarter. First Personal Financial Services now owns 992 shares of the footwear maker’s stock worth $83,000 after purchasing an additional 129 shares during the period. Institutional investors own 66.15% of the company’s stock.
In other news, CAO Hilary K. Krane sold 17,903 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $88.70, for a total transaction of $1,587,996.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Elliott Hill sold 34,100 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $88.34, for a total value of $3,012,394.00. The disclosure for this sale can be found here. Insiders have sold a total of 194,637 shares of company stock valued at $16,767,237 in the last ninety days. Insiders own 3.80% of the company’s stock.
Nike (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.04). The company had revenue of $10.18 billion for the quarter, compared to analysts’ expectations of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 EPS. Analysts expect that Nike Inc will post 2.9 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Friday, August 30th. Nike’s payout ratio is presently 35.34%.
A number of equities research analysts have recently commented on the company. Pivotal Research set a $101.00 target price on Nike and gave the stock a “buy” rating in a research note on Friday, June 28th. Canaccord Genuity reiterated a “buy” rating and set a $96.00 target price on shares of Nike in a research note on Wednesday, June 19th. Piper Jaffray Companies set a $97.00 target price on Nike and gave the stock a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. lifted their target price on Nike from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Bank of America upgraded Nike to an “underperform” rating and lifted their target price for the stock from $60.00 to $70.00 in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $90.02.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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