Comerica Bank Sells 57,056 Shares of NIKE, Inc. (NYSE:NKE)

Comerica Bank trimmed its position in NIKE, Inc. (NYSE:NKE) by 17.1% in the fourth quarter, Holdings Channel reports. The fund owned 276,970 shares of the footwear maker’s stock after selling 57,056 shares during the quarter. Comerica Bank’s holdings in NIKE were worth $20,958,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of NIKE by 65.4% during the third quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker’s stock worth $9,332,000 after purchasing an additional 41,752 shares during the period. Confluence Investment Management LLC raised its position in NIKE by 6.3% during the 4th quarter. Confluence Investment Management LLC now owns 246,080 shares of the footwear maker’s stock worth $18,621,000 after purchasing an additional 14,592 shares during the last quarter. Cacti Asset Management LLC acquired a new position in NIKE during the 4th quarter worth about $9,987,000. GAMMA Investing LLC grew its position in shares of NIKE by 1.0% in the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after buying an additional 150 shares during the last quarter. Finally, Modus Advisors LLC acquired a new stake in shares of NIKE in the fourth quarter valued at about $85,000. 64.25% of the stock is currently owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

NKE has been the topic of a number of recent analyst reports. Bank of America cut their price objective on NIKE from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. The Goldman Sachs Group reduced their price objective on shares of NIKE from $88.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. UBS Group lowered their target price on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, March 21st. Jefferies Financial Group raised shares of NIKE from a “hold” rating to a “buy” rating and upped their price target for the company from $75.00 to $115.00 in a research report on Monday, February 24th. Finally, Robert W. Baird decreased their price target on NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday, March 21st. Seventeen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.15.

NIKE Price Performance

Shares of NYSE:NKE opened at $56.80 on Friday. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $98.04. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock has a market cap of $84.01 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15. The stock’s fifty day simple moving average is $65.10 and its two-hundred day simple moving average is $72.32.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $11.02 billion. During the same period last year, the firm earned $0.98 earnings per share. The firm’s revenue was down 9.1% on a year-over-year basis. As a group, analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.82%. NIKE’s dividend payout ratio is presently 53.16%.

NIKE Company 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.