CX Institutional Sells 60,349 Shares of NIKE, Inc. $NKE

Key Points

• CX Institutional drastically reduced its stake in NIKE, Inc. by 89.5% in Q2, holding only 7,083 shares valued at $503,000 after selling over 60,000 shares during the quarter.
• NIKE's shares are currently trading at $70.88 and have seen a 1.7% decline, with a 52-week range between $52.28 and $90.62.
• The company reported earnings that exceeded analyst expectations, with a quarterly revenue of $11.10 billion, despite an 11.9% year-on-year decline.

CX Institutional cut its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 89.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,083 shares of the footwear maker's stock after selling 60,349 shares during the period. CX Institutional's holdings in NIKE were worth $503,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NKE. Caldwell Sutter Capital Inc. grew its holdings in NIKE by 6.3% in the second quarter. Caldwell Sutter Capital Inc. now owns 2,390 shares of the footwear maker's stock worth $170,000 after purchasing an additional 142 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in NIKE during the second quarter worth about $204,000. Kingstone Capital Partners Texas LLC acquired a new stake in NIKE during the second quarter worth about $96,106,000. IFM Investors Pty Ltd boosted its position in shares of NIKE by 3.4% during the second quarter. IFM Investors Pty Ltd now owns 224,314 shares of the footwear maker's stock worth $15,935,000 after buying an additional 7,315 shares during the period. Finally, Canoe Financial LP raised its holdings in NIKE by 4.8% in the second quarter. Canoe Financial LP now owns 110,820 shares of the footwear maker's stock valued at $7,873,000 after acquiring an additional 5,100 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Stock Up 0.6%

Shares of NYSE NKE traded up $0.40 during trading hours on Monday, hitting $71.29. The stock had a trading volume of 12,134,877 shares, compared to its average volume of 11,800,166. The company has a market capitalization of $105.29 billion, a P/E ratio of 33.01, a P/E/G ratio of 2.57 and a beta of 1.24. The firm's 50-day moving average price is $75.19 and its two-hundred day moving average price is $67.43. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.62.

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

NIKE Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. Royal Bank Of Canada upgraded NIKE from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $76.00 to $90.00 in a research report on Thursday. Jefferies Financial Group reiterated a "buy" rating and issued a $115.00 target price on shares of NIKE in a research note on Friday, August 22nd. Argus raised NIKE to a "buy" rating in a research note on Sunday, July 6th. Finally, Robert W. Baird raised their price target on shares of NIKE from $80.00 to $88.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $79.04.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the completion of the sale, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.80% of the stock is owned by company insiders.

NIKE Company 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.