Penobscot Investment Management Company Inc. cut its stake in Nike Inc (NYSE:NKE) by 1.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,503 shares of the footwear maker’s stock after selling 1,430 shares during the period. Nike accounts for approximately 1.4% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 18th largest holding. Penobscot Investment Management Company Inc.’s holdings in Nike were worth $7,092,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Garrett Wealth Advisory Group LLC bought a new position in shares of Nike in the third quarter worth $26,000. Marquette Asset Management LLC bought a new position in shares of Nike in the third quarter worth $28,000. Hexavest Inc. bought a new position in shares of Nike in the second quarter worth $30,000. Litman Gregory Asset Management LLC bought a new position in shares of Nike in the second quarter worth $31,000. Finally, KCS Wealth Advisory bought a new position in shares of Nike in the third quarter worth $38,000. 65.37% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. ValuEngine cut Nike from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus set a $106.00 target price on Nike and gave the company a “buy” rating in a research note on Friday, October 11th. Wedbush reaffirmed an “outperform” rating and set a $100.00 target price (up previously from $96.00) on shares of Nike in a research note on Wednesday, September 25th. Exane BNP Paribas initiated coverage on Nike in a research note on Friday, October 4th. They set an “underperform” rating and a $82.00 target price for the company. Finally, Bank of America raised Nike from an “underperform” rating to a “neutral” rating and set a $98.00 target price for the company in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $97.07.
Shares of NYSE:NKE traded up $0.24 during midday trading on Monday, reaching $90.05. The company had a trading volume of 3,226,242 shares, compared to its average volume of 6,516,054. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.29 and a current ratio of 2.01. Nike Inc has a 1-year low of $66.53 and a 1-year high of $96.87. The firm has a market cap of $140.31 billion, a price-to-earnings ratio of 36.16, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The company has a fifty day simple moving average of $91.77 and a two-hundred day simple moving average of $86.32.
Nike (NYSE:NKE) last released its quarterly earnings results on Tuesday, September 24th. The footwear maker reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.15. Nike had a return on equity of 47.92% and a net margin of 10.81%. The business had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.43 billion. During the same quarter last year, the company posted $0.67 EPS. Nike’s revenue for the quarter was up 7.2% on a year-over-year basis. Analysts expect that Nike Inc will post 2.98 EPS for the current year.
In related news, EVP Monique S. Matheson sold 17,000 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $89.83, for a total value of $1,527,110.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark G. Parker sold 165,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $93.42, for a total value of $15,414,300.00. Following the completion of the sale, the chief executive officer now directly owns 2,054,511 shares of the company’s stock, valued at $191,932,417.62. The disclosure for this sale can be found here. Insiders sold a total of 436,445 shares of company stock valued at $40,260,653 in the last quarter. 3.80% of the stock is currently owned by corporate insiders.
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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