United Services Automobile Association cut its position in Nike, Inc. (NYSE:NKE) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 677,249 shares of the footwear maker’s stock after selling 42,031 shares during the period. United Services Automobile Association’s holdings in Nike were worth $37,743,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new stake in Nike during the first quarter worth about $355,000. GVO Asset Management Ltd increased its stake in Nike by 14.3% in the first quarter. GVO Asset Management Ltd now owns 292,260 shares of the footwear maker’s stock worth $16,303,000 after buying an additional 36,650 shares during the last quarter. Asset Planning Services Ltd. purchased a new stake in Nike during the first quarter worth about $118,000. Reilly Financial Advisors LLC increased its stake in Nike by 2.0% in the first quarter. Reilly Financial Advisors LLC now owns 198,867 shares of the footwear maker’s stock worth $11,083,000 after buying an additional 3,979 shares during the last quarter. Finally, Telemus Capital LLC increased its stake in Nike by 30.3% in the first quarter. Telemus Capital LLC now owns 34,424 shares of the footwear maker’s stock worth $1,918,000 after buying an additional 8,004 shares during the last quarter. 63.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Nike, Inc. (NKE) traded up 0.11% on Friday, reaching $53.90. The company had a trading volume of 6,416,622 shares. Nike, Inc. has a 52 week low of $49.01 and a 52 week high of $60.53. The company has a market capitalization of $88.57 billion, a P/E ratio of 21.47 and a beta of 0.59. The company has a 50 day moving average of $58.03 and a 200-day moving average of $55.80.
Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same quarter last year, the business earned $0.49 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts predict that Nike, Inc. will post $2.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. Nike’s dividend payout ratio is presently 28.69%.
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NKE has been the topic of a number of research reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Nike in a research note on Friday, May 5th. Nomura reaffirmed a “buy” rating on shares of Nike in a research note on Monday, May 15th. Instinet reaffirmed a “buy” rating on shares of Nike in a research note on Monday, May 15th. Berenberg Bank initiated coverage on Nike in a research note on Tuesday, May 16th. They issued a “buy” rating and a $70.00 price objective on the stock. Finally, Canaccord Genuity set a $51.00 price objective on Nike and gave the stock a “hold” rating in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Nike presently has a consensus rating of “Hold” and a consensus target price of $60.53.
In related news, insider Eric D. Sprunk sold 112,323 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $58.61, for a total transaction of $6,583,251.03. Following the completion of the sale, the insider now directly owns 139,551 shares in the company, valued at $8,179,084.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $59.00, for a total transaction of $2,950,000.00. Following the sale, the insider now owns 300,108 shares of the company’s stock, valued at $17,706,372. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock worth $28,485,174 in the last quarter. Company insiders own 3.90% of the company’s stock.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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