Carnegie Investment Counsel Sells 52,530 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• Carnegie Investment Counsel drastically reduced its holdings in NIKE, Inc. by 81.5%, selling 52,530 shares to own a total of 11,912 shares worth approximately $692,000.
• Several institutional investors increased their positions in NIKE, with Wellington Management Group raising its stake by 32.4% to own over 36 million shares valued at nearly $2.75 billion.
• NIKE's stock recently reported a quarterly earnings beat with earnings per share of $0.14, surpassing expectations of $0.12, despite a year-over-year revenue decline of 11.9%.

Carnegie Investment Counsel reduced its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 81.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,912 shares of the footwear maker's stock after selling 52,530 shares during the quarter. Carnegie Investment Counsel's holdings in NIKE were worth $692,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NKE. Wellington Management Group LLP raised its position in NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares during the last quarter. Geode Capital Management LLC raised its position in NIKE by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after purchasing an additional 347,178 shares during the last quarter. Capital World Investors raised its position in NIKE by 10.3% in the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after purchasing an additional 2,288,627 shares during the last quarter. Bank of New York Mellon Corp raised its position in NIKE by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock valued at $1,332,331,000 after purchasing an additional 620,214 shares during the last quarter. Finally, Norges Bank bought a new position in NIKE in the fourth quarter valued at about $1,126,288,000. 64.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Needham & Company LLC increased their target price on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Stifel Nicolaus dropped their target price on NIKE from $75.00 to $64.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Truist Financial lowered their price objective on NIKE from $82.00 to $73.00 and set a "buy" rating for the company in a research report on Tuesday, June 24th. Wells Fargo & Company raised their price objective on NIKE from $55.00 to $60.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 14th. Finally, Wall Street Zen downgraded NIKE from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.15.

Insider Activity

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares of the company's stock, valued at $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is currently owned by insiders.

NIKE Stock Up 1.1%

Shares of NYSE:NKE opened at $76.27 on Friday. The stock has a market cap of $112.81 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 2.77 and a beta of 1.25. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $90.62. The business's 50 day moving average is $66.81 and its 200 day moving average is $67.35.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The company 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 quarter in the previous year, the firm earned $0.99 earnings per share. On average, sell-side analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.40 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.10%. NIKE's payout ratio is 74.07%.

About NIKE

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.