RNC Capital Management LLC Reduces Stock Position in NIKE, Inc. $NKE

RNC Capital Management LLC decreased its holdings in NIKE, Inc. (NYSE:NKE) by 4.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,998 shares of the footwear maker’s stock after selling 372 shares during the quarter. RNC Capital Management LLC’s holdings in NIKE were worth $639,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management boosted its holdings in shares of NIKE by 4.4% in the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock worth $627,000 after buying an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of NIKE by 0.6% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock worth $69,932,000 after buying an additional 5,601 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of NIKE in the first quarter worth approximately $25,963,000. BROOKFIELD Corp ON boosted its holdings in shares of NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock worth $41,808,000 after buying an additional 175,000 shares during the last quarter. Finally, Cadence Bank boosted its holdings in shares of NIKE by 10.0% in the first quarter. Cadence Bank now owns 83,002 shares of the footwear maker’s stock worth $5,269,000 after buying an additional 7,574 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Trading Up 1.0%

NIKE stock opened at $69.03 on Thursday. The stock has a market cap of $102.03 billion, a P/E ratio of 35.40, a PEG ratio of 2.52 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $82.44. The firm’s 50 day moving average price is $72.67 and its 200-day moving average price is $67.57.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The company had revenue of $11.72 billion for the quarter, compared to analysts’ expectations of $10.96 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. NIKE’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal 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 given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, September 2nd. NIKE’s payout ratio is currently 82.05%.

Analyst Ratings Changes

A number of research firms recently issued reports on NKE. Citigroup raised shares of NIKE from a “neutral” rating to a “positive” rating in a report on Friday, September 19th. Weiss Ratings upgraded shares of NIKE from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. KeyCorp set a $90.00 target price on shares of NIKE and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. UBS Group set a $71.00 target price on shares of NIKE and gave the stock a “neutral” rating in a research note on Friday, September 19th. Finally, Stifel Nicolaus set a $68.00 target price on shares of NIKE and gave the stock a “hold” rating in a research note on Wednesday, October 1st. Three analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.21.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 86,078 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total value of $6,535,902.54. Following the sale, the chairman owned 744,988 shares in the company, valued at approximately $56,566,938.84. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Treasure Heinle sold 4,300 shares of the business’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares in the company, valued at $2,095,052.92. This represents a 12.76% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

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.