Conning Inc. Lowers Stake in Nike, Inc. (NKE)

Conning Inc. lowered its stake in shares of Nike, Inc. (NYSE:NKE) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,602 shares of the footwear maker’s stock after selling 680 shares during the quarter. Conning Inc.’s holdings in Nike were worth $3,517,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Stearns Financial Services Group raised its position in shares of Nike by 0.4% during the 2nd quarter. Stearns Financial Services Group now owns 4,160 shares of the footwear maker’s stock valued at $245,000 after buying an additional 17 shares in the last quarter. Accredited Investors Inc. raised its position in shares of Nike by 0.5% during the 1st quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock valued at $232,000 after buying an additional 19 shares in the last quarter. Montecito Bank & Trust raised its position in shares of Nike by 0.3% during the 1st quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock valued at $402,000 after buying an additional 24 shares in the last quarter. Smith Shellnut Wilson LLC ADV raised its position in shares of Nike by 0.3% during the 2nd quarter. Smith Shellnut Wilson LLC ADV now owns 14,894 shares of the footwear maker’s stock valued at $822,000 after buying an additional 41 shares in the last quarter. Finally, Intrust Bank NA raised its position in shares of Nike by 0.9% during the 1st quarter. Intrust Bank NA now owns 5,082 shares of the footwear maker’s stock valued at $283,000 after buying an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Several research firms have recently weighed in on NKE. Stifel Nicolaus set a $66.00 price objective on shares of Nike and gave the company a “buy” rating in a research report on Saturday, July 22nd. Piper Jaffray Companies set a $53.00 target price on shares of Nike and gave the company a “hold” rating in a report on Saturday, July 22nd. Guggenheim reaffirmed a “buy” rating and set a $70.00 target price on shares of Nike in a report on Monday, July 24th. Cowen and Company set a $54.00 target price on shares of Nike and gave the company a “hold” rating in a report on Friday, August 4th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $65.00 target price on shares of Nike in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $59.14.

In other Nike 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 transaction, the insider now directly owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Johnathan A. Rodgers sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total transaction of $855,200.00. Following the transaction, the director now directly owns 25,660 shares of the company’s stock, valued at $1,371,527. The disclosure for this sale can be found here. Insiders have sold a total of 134,045 shares of company stock valued at $7,778,338 over the last three months. 3.90% of the stock is currently owned by insiders.

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Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 26th. The footwear maker reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.09. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. Nike had a net margin of 11.47% and a return on equity of 31.88%. Nike’s revenue was up .1% on a year-over-year basis. During the same period last year, the firm posted $0.73 EPS.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Thursday, August 31st. Nike’s dividend payout ratio is presently 30.64%.

About Nike

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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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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