Bright Rock Capital Management LLC Buys 50,000 Shares of NIKE, Inc. $NKE

Key Points

• Bright Rock Capital Management LLC increased its stock holdings in NIKE, Inc. by 50%, acquiring an additional 50,000 shares, bringing its total to 150,000 shares valued at $10,656,000.
• Several institutional investors have significantly increased their stakes in NIKE during the first quarter, with Goldman Sachs boosting its stake by 344.2%.
• NIKE reported a quarterly earnings per share of $0.14, surpassing analysts' expectations of $0.12, while its revenue for the quarter totaled $11.10 billion.

Bright Rock Capital Management LLC lifted its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 50.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 150,000 shares of the footwear maker's stock after purchasing an additional 50,000 shares during the period. NIKE comprises 2.2% of Bright Rock Capital Management LLC's holdings, making the stock its 17th biggest position. Bright Rock Capital Management LLC's holdings in NIKE were worth $10,656,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Stone House Investment Management LLC purchased a new stake in NIKE during the first quarter valued at approximately $25,000. Heck Capital Advisors LLC acquired a new stake in shares of NIKE in the fourth quarter worth $28,000. Saudi Central Bank acquired a new stake in shares of NIKE in the first quarter worth $30,000. Roxbury Financial LLC increased its stake in shares of NIKE by 52.1% in the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after acquiring an additional 201 shares during the period. Finally, N.E.W. Advisory Services LLC acquired a new stake in shares of NIKE in the first quarter worth $37,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.80% of the company's stock.

NIKE Stock Up 1.6%

Shares of NYSE NKE traded up $1.11 during trading hours on Monday, hitting $72.00. The stock had a trading volume of 6,991,656 shares, compared to its average volume of 16,126,325. The firm's 50-day moving average price is $75.19 and its two-hundred day moving average price is $67.43. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. The company has a market capitalization of $106.34 billion, a P/E ratio of 33.36, a P/E/G ratio of 2.57 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $11.10 billion for the quarter, compared to analysts' expectations of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.NIKE's quarterly revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.99 earnings per share. Analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.2%. NIKE's dividend payout ratio is presently 74.07%.

Analysts Set New Price Targets

Several analysts recently commented on NKE shares. Needham & Company LLC raised their price target on shares of NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Bank of America increased their price objective on shares of NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a report on Friday, June 27th. Robert W. Baird increased their price objective on shares of NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Cowen raised shares of NIKE from a "hold" rating to a "buy" rating in a research note on Wednesday, September 10th. Finally, Royal Bank Of Canada upgraded shares of NIKE from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $76.00 to $90.00 in a research note on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, NIKE currently has a consensus rating of "Moderate Buy" and a consensus price target of $79.04.

NIKE Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.