NIKE, Inc. $NKE Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its stake in shares of NIKE, Inc. (NYSE:NKE) by 37.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,303 shares of the footwear maker’s stock after selling 12,826 shares during the quarter. Pinnacle Associates Ltd.’s holdings in NIKE were worth $874,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of NKE. Brighton Jones LLC boosted its holdings in NIKE by 388.5% during the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock worth $15,316,000 after buying an additional 160,980 shares in the last quarter. Caxton Associates LLP acquired a new stake in NIKE during the first quarter valued at $311,000. United Bank increased its holdings in NIKE by 11.3% in the second quarter. United Bank now owns 17,067 shares of the footwear maker’s stock valued at $1,212,000 after buying an additional 1,736 shares in the last quarter. NewEdge Advisors LLC increased its holdings in NIKE by 0.3% in the second quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker’s stock valued at $4,558,000 after buying an additional 197 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of NIKE by 6.5% in the second quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker’s stock worth $13,588,000 after acquiring an additional 11,646 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Performance

NKE opened at $40.73 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. The company has a market cap of $60.42 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 1.83 and a beta of 1.11. NIKE, Inc. has a 52-week low of $40.00 and a 52-week high of $80.17. The firm’s fifty day simple moving average is $42.90 and its two-hundred day simple moving average is $48.73.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The business had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.14 earnings per share. Equities analysts anticipate that NIKE, Inc. will post 1.74 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, September 1st. NIKE’s payout ratio is presently 78.47%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NKE shares. DZ Bank reissued a “buy” rating on shares of NIKE in a research note on Tuesday, June 30th. Wall Street Zen upgraded NIKE from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research cut NIKE from a “hold” rating to a “strong sell” rating in a report on Monday, June 1st. BNP Paribas Exane reiterated an “underperform” rating on shares of NIKE in a research report on Wednesday, July 22nd. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $68.00 price objective (down from $72.00) on shares of NIKE in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eighteen have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, NIKE has a consensus rating of “Hold” and an average price target of $53.53.

Insider Transactions at NIKE

In other NIKE news, CFO Matthew Friend sold 2,463 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $41.60, for a total transaction of $102,460.80. Following the completion of the sale, the chief financial officer directly owned 82,165 shares in the company, valued at approximately $3,418,064. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Amy Montagne sold 4,867 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $42.05, for a total value of $204,657.35. Following the sale, the insider owned 57,436 shares of the company’s stock, valued at approximately $2,415,183.80. This trade represents a 7.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 26,142 shares of company stock valued at $1,169,380. 1.10% of the stock is currently owned by corporate insiders.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).