Edgar Lomax Co. VA Makes New $18.72 Million Investment in NIKE, Inc. $NKE

Key Points

• Edgar Lomax Co. VA has invested approximately $18.72 million in NIKE, Inc. by acquiring 294,865 shares during the first quarter.
• Several institutional investors, including Goldman Sachs and Vanguard Group, have significantly increased their stakes in NIKE, indicating strong institutional interest in the stock.
• NIKE's quarterly earnings reported a net margin of 6.95% and a revenue of $11.10 billion, outperforming analysts' expectations, despite a year-over-year decline of 11.9%.

Edgar Lomax Co. VA purchased a new position in NIKE, Inc. (NYSE:NKE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 294,865 shares of the footwear maker's stock, valued at approximately $18,718,000.

Several other institutional investors and hedge funds have also bought and sold shares of NKE. Goldman Sachs Group Inc. grew its holdings 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 buying an additional 20,688,013 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of NIKE during the first quarter valued at $509,051,000. Nuveen LLC purchased a new stake in shares of NIKE during the first quarter valued at $502,285,000. Vanguard Group Inc. grew its holdings in shares of NIKE by 4.6% during 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 buying an additional 4,957,494 shares during the last quarter. Finally, Flossbach Von Storch SE grew its holdings in shares of NIKE by 24.0% during the first quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock valued at $652,995,000 after buying an additional 1,988,547 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on NKE shares. UBS Group started coverage on shares of NIKE in a report on Sunday, July 6th. They set a "buy" rating on the stock. Bank of America boosted 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. Evercore ISI dropped their price objective on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Royal Bank Of Canada decreased their target price on shares of NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 20th. Finally, Robert W. Baird boosted their target price on shares of NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $78.22.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value 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 legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.80% of the company's stock.

NIKE Stock Performance

NIKE stock opened at $77.17 on Monday. The firm has a 50 day simple moving average of $71.05 and a 200-day simple moving average of $67.56. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The stock has a market cap of $113.97 billion, a price-to-earnings ratio of 35.73, a price-to-earnings-growth ratio of 2.80 and a beta of 1.27.

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

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, September 2nd. NIKE's dividend payout ratio is currently 74.07%.

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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