Penobscot Investment Management Company Inc. Trims Stake in NIKE, Inc. $NKE

Penobscot Investment Management Company Inc. cut its stake in NIKE, Inc. (NYSE:NKE) by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,191 shares of the footwear maker’s stock after selling 2,090 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in NIKE were worth $1,861,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stone House Investment Management LLC purchased a new position in shares of NIKE in the 1st quarter valued at $25,000. Halbert Hargrove Global Advisors LLC increased its holdings in shares of NIKE by 952.6% in the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 362 shares during the period. Saudi Central Bank acquired a new stake in shares of NIKE in the 1st quarter worth $30,000. Matrix Trust Co boosted its position in shares of NIKE by 53.1% in the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after purchasing an additional 153 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of NIKE in the 2nd quarter worth $35,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the transaction, the chairman owned 842,361 shares of the company’s stock, valued at $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.80% of the company’s stock.

NIKE Stock Performance

Shares of NKE stock opened at $72.01 on Friday. The stock has a market cap of $106.34 billion, a PE ratio of 36.93, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29. The business has a 50-day simple moving average of $74.62 and a 200-day simple moving average of $67.31. The company has a quick ratio of 1.50, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $84.76.

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

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. NIKE’s dividend payout ratio is presently 82.05%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NKE shares. Zacks Research raised NIKE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 26th. HSBC raised NIKE from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Friday, June 27th. DZ Bank raised NIKE from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their price target on NIKE from $77.00 to $71.00 and set a “buy” rating for the company in a research report on Friday, June 20th. Finally, The Goldman Sachs Group set a $85.00 price target on NIKE and gave the stock a “buy” rating in a research report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, NIKE presently has an average rating of “Moderate Buy” and an average target price of $81.57.

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.