Somerset Trust Co boosted its position in Nike Inc (NYSE:NKE) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,530 shares of the footwear maker’s stock after acquiring an additional 1,068 shares during the quarter. Somerset Trust Co’s holdings in Nike were worth $2,013,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Sowa Financial Group Inc. purchased a new position in Nike in the fourth quarter valued at approximately $27,000. Kessler Investment Group LLC purchased a new position in Nike in the first quarter valued at approximately $27,000. Stuart Chaussee & Associates Inc. increased its stake in Nike by 668.9% in the first quarter. Stuart Chaussee & Associates Inc. now owns 346 shares of the footwear maker’s stock valued at $29,000 after purchasing an additional 301 shares during the last quarter. Perennial Advisors LLC purchased a new position in Nike in the first quarter valued at approximately $30,000. Finally, Sugarloaf Wealth Management LLC increased its stake in Nike by 68.9% in the first quarter. Sugarloaf Wealth Management LLC now owns 402 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 164 shares during the last quarter. 64.46% of the stock is currently owned by hedge funds and other institutional investors.
NKE has been the topic of several recent analyst reports. BTIG Research increased their price target on shares of Nike from $108.00 to $117.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. HSBC reiterated a “neutral” rating and issued a $96.00 price target on shares of Nike in a research note on Thursday, April 9th. Goldman Sachs Group reiterated a “buy” rating and issued a $110.00 price target (up from $96.00) on shares of Nike in a research note on Friday, June 26th. UBS Group reiterated a “buy” rating and issued a $127.00 price target on shares of Nike in a research note on Monday, June 29th. Finally, Cowen raised their target price on shares of Nike from $85.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $109.01.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 25th. The footwear maker reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.53). Nike had a net margin of 6.79% and a return on equity of 32.95%. The business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $7.26 billion. During the same period last year, the business posted $0.62 EPS. Nike’s revenue was down 38.0% compared to the same quarter last year. Equities analysts predict that Nike Inc will post 2.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were issued a $0.245 dividend. This represents a $0.98 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Friday, May 29th. Nike’s dividend payout ratio (DPR) is currently 52.97%.
In other news, Chairman Mark G. Parker sold 165,000 shares of Nike stock in a transaction on Monday, June 1st. The stock was sold at an average price of $99.14, for a total transaction of $16,358,100.00. Following the completion of the transaction, the chairman now owns 2,012,954 shares of the company’s stock, valued at approximately $199,564,259.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Hilary K. Krane sold 11,000 shares of Nike stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $96.33, for a total value of $1,059,630.00. The disclosure for this sale can be found here. In the last three months, insiders sold 236,000 shares of company stock valued at $23,297,730. 3.80% of the stock is owned by corporate insiders.
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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