Eastern Bank Sells 5,957 Shares of NIKE, Inc. $NKE

Key Points

• Eastern Bank has reduced its stake in NIKE, Inc. by 51.4%, selling 5,957 shares and now owning 5,640 shares valued at approximately $401,000.
• Institutional investors collectively own 64.25% of NIKE's stock, with Vanguard Group and Goldman Sachs making significant increases in their holdings during the first quarter.
• NIKE reported a quarterly earnings per share of $0.49, exceeding estimates by $0.22, along with a revenue of $11.72 billion for the quarter.

Eastern Bank trimmed its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 51.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,640 shares of the footwear maker's stock after selling 5,957 shares during the period. Eastern Bank's holdings in NIKE were worth $401,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of NIKE by 4.6% in the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock valued at $7,182,831,000 after purchasing an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of NIKE by 24.9% during the first quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock valued at $2,880,971,000 after purchasing an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock valued at $1,694,842,000 after purchasing an additional 20,688,013 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of NIKE by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after buying an additional 620,214 shares in the last quarter. Finally, Flossbach Von Storch SE raised its stake in shares of NIKE by 24.0% during the 1st quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock worth $652,995,000 after purchasing an additional 1,988,547 shares during the period. Institutional investors own 64.25% of the company's stock.

Insiders Place Their Bets

In other 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 transaction of $7,951,900.00. Following the transaction, the chairman directly owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Treasure Heinle sold 4,300 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the transaction, the executive vice president owned 29,396 shares in the company, valued at $2,095,052.92. This trade represents a 12.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 200,378 shares of company stock worth $14,794,264. 0.80% of the stock is owned by insiders.

NIKE Price Performance

Shares of NYSE NKE opened at $65.25 on Monday. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The stock's 50-day simple moving average is $73.80 and its two-hundred day simple moving average is $67.30. The firm has a market capitalization of $96.45 billion, a P/E ratio of 33.46, a P/E/G ratio of 2.38 and a beta of 1.29. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $84.76.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to analysts' expectations of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. NIKE's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. As a group, equities 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 was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE's dividend payout ratio is currently 82.05%.

Analysts Set New Price Targets

Several brokerages have commented on NKE. Barclays set a $70.00 price objective on shares of NIKE and gave the stock a "positive" rating in a research report on Wednesday, October 1st. TD Cowen raised shares of NIKE from a "hold" rating to a "buy" rating and lifted their price target for the stock from $62.00 to $85.00 in a report on Wednesday, September 10th. Argus raised shares of NIKE to a "buy" rating in a report on Sunday, July 6th. Sanford C. Bernstein restated a "buy" rating and issued a $90.00 target price on shares of NIKE in a research note on Wednesday, October 1st. Finally, Weiss Ratings upgraded NIKE from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $81.57.

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.

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