Parsons Capital Management Inc. RI Decreases Stake in NIKE, Inc. $NKE

Parsons Capital Management Inc. RI lowered its position in NIKE, Inc. (NYSE:NKE) by 11.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 17,411 shares of the footwear maker’s stock after selling 2,206 shares during the period. Parsons Capital Management Inc. RI’s holdings in NIKE were worth $1,237,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pure Financial Advisors LLC purchased a new position in NIKE in the 2nd quarter valued at $355,000. Robeco Institutional Asset Management B.V. lifted its holdings in NIKE by 36.1% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 372,156 shares of the footwear maker’s stock valued at $26,438,000 after purchasing an additional 98,643 shares in the last quarter. Clarity Financial LLC raised its holdings in shares of NIKE by 26.7% during the 2nd quarter. Clarity Financial LLC now owns 4,978 shares of the footwear maker’s stock worth $354,000 after acquiring an additional 1,049 shares during the period. Precision Wealth Strategies LLC purchased a new position in shares of NIKE during the 2nd quarter worth $345,000. Finally, PFG Investments LLC raised its holdings in shares of NIKE by 5.3% during the 2nd quarter. PFG Investments LLC now owns 8,555 shares of the footwear maker’s stock worth $608,000 after acquiring an additional 431 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on NKE. Argus upgraded NIKE to a “buy” rating in a report on Sunday, July 6th. UBS Group set a $71.00 price target on NIKE and gave the stock a “neutral” rating in a report on Friday, September 19th. Morgan Stanley set a $72.00 price target on NIKE and gave the stock a “positive” rating in a report on Wednesday. The Goldman Sachs Group set a $85.00 price target on NIKE and gave the stock a “buy” rating in a report on Thursday, September 25th. Finally, JPMorgan Chase & Co. lifted their price target on NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.57.

NIKE Stock Up 0.5%

Shares of NKE opened at $74.59 on Friday. The firm has a market cap of $110.16 billion, a P/E ratio of 38.25, a price-to-earnings-growth ratio of 2.79 and a beta of 1.29. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $84.76. The company’s 50-day moving average price is $74.71 and its 200 day moving average price is $67.32. The company has a current ratio of 2.19, a quick ratio of 1.50 and a debt-to-equity ratio of 0.59.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.NIKE’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 EPS. On average, sell-side analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE’s payout ratio is currently 82.05%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the transaction, the chairman directly owned 842,361 shares of the company’s stock, valued at $60,894,276.69. The trade was a 11.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.80% of the stock is currently owned by corporate insiders.

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.