State Treasurer State of Michigan cut its holdings in shares of Nike Inc (NYSE:NKE) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 364,492 shares of the footwear maker’s stock after selling 17,100 shares during the period. State Treasurer State of Michigan’s holdings in Nike were worth $27,023,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Nike by 1.4% in the second quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock worth $1,247,869,000 after buying an additional 219,743 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Nike by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock worth $2,226,327,000 after buying an additional 1,273,548 shares during the period. First Hawaiian Bank purchased a new position in shares of Nike in the third quarter worth about $1,590,000. Andra AP fonden increased its holdings in shares of Nike by 11.1% in the third quarter. Andra AP fonden now owns 103,700 shares of the footwear maker’s stock worth $8,785,000 after buying an additional 10,400 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Nike by 9.7% in the third quarter. Nisa Investment Advisors LLC now owns 536,954 shares of the footwear maker’s stock worth $45,487,000 after buying an additional 47,308 shares during the period. Hedge funds and other institutional investors own 66.93% of the company’s stock.
Several research firms have recently commented on NKE. JPMorgan Chase & Co. upgraded Nike from a “neutral” rating to an “overweight” rating and set a $85.00 price objective on the stock in a report on Friday, December 21st. Stifel Nicolaus reiterated a “buy” rating on shares of Nike in a report on Thursday, December 20th. UBS Group set a $78.00 price objective on Nike and gave the stock a “neutral” rating in a report on Thursday, December 27th. Credit Suisse Group set a $90.00 price objective on Nike and gave the stock a “buy” rating in a report on Friday, December 21st. Finally, Robert W. Baird reiterated a “buy” rating and issued a $94.00 price objective on shares of Nike in a report on Monday, November 19th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $84.19.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, December 20th. The footwear maker reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. Nike had a net margin of 5.66% and a return on equity of 44.85%. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.17 billion. During the same period in the previous year, the business earned $0.46 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. Sell-side analysts expect that Nike Inc will post 2.63 earnings per share for the current fiscal year.
In related news, CEO Mark G. Parker sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $80.00, for a total value of $12,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,687,863 shares in the company, valued at approximately $135,029,040. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John F. Slusher sold 200,000 shares of the business’s stock in a transaction on Wednesday, January 2nd. The shares were sold at an average price of $74.05, for a total transaction of $14,810,000.00. Following the sale, the executive vice president now owns 284,805 shares of the company’s stock, valued at $21,089,810.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 800,000 shares of company stock valued at $61,862,000. 3.90% of the stock is owned by company insiders.
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Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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