Fifth Third Bancorp Purchases 247,487 Shares of NIKE, Inc. $NKE

Key Points

• Fifth Third Bancorp increased its NIKE stake by 42.1% in the first quarter, buying 247,487 additional shares and bringing its total to 834,779 shares worth about $44.1 million.
• NIKE reported quarterly EPS of $0.20, topping estimates of $0.11, while revenue came in at $10.97 billion, slightly above expectations but still down 1.1% year over year.
• Analysts are mixed on the stock: NIKE has a Hold consensus rating with an average price target of $54.80, even as several firms recently cut targets or downgraded the shares.

Fifth Third Bancorp increased its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 42.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 834,779 shares of the footwear maker's stock after purchasing an additional 247,487 shares during the period. Fifth Third Bancorp owned approximately 0.06% of NIKE worth $44,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NKE. Main Street Financial Solutions LLC boosted its position in shares of NIKE by 4.2% in the second quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker's stock valued at $244,000 after acquiring an additional 139 shares during the period. Diligent Investors LLC increased its position in NIKE by 4.3% during the fourth quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker's stock worth $237,000 after acquiring an additional 153 shares during the period. Massachusetts Financial Services Co. MA increased its position in NIKE by 4.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,978 shares of the footwear maker's stock worth $253,000 after acquiring an additional 163 shares during the period. Lakeshore Capital Group Inc. increased its position in NIKE by 2.9% during the fourth quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker's stock worth $374,000 after acquiring an additional 165 shares during the period. Finally, ANB Bank raised its stake in NIKE by 0.7% in the 4th quarter. ANB Bank now owns 25,451 shares of the footwear maker's stock worth $1,621,000 after purchasing an additional 165 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Performance

NYSE NKE opened at $44.39 on Monday. The firm's 50 day simple moving average is $43.71 and its 200 day simple moving average is $52.37. The firm has a market capitalization of $65.73 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 2.56 and a beta of 1.12. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a 1 year low of $40.00 and a 1 year high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, beating the consensus estimate of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The business had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.85 billion. During the same period in the previous year, the business earned $0.14 earnings per share. The company's revenue was down 1.1% on a year-over-year basis. As a group, research analysts expect that NIKE, Inc. will post 1.76 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. NIKE's payout ratio is 78.47%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. DA Davidson lowered shares of NIKE from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $72.00 to $46.00 in a research report on Thursday, April 2nd. Oppenheimer dropped their price target on shares of NIKE to $60.00 and set an "outperform" rating for the company in a research report on Friday, June 26th. BNP Paribas Exane reiterated an "underperform" rating and issued a $23.00 price target on shares of NIKE in a research note on Wednesday, July 1st. CICC Research cut NIKE from an "outperform" rating to a "market perform" rating and cut their price target for the company from $69.00 to $58.00 in a research note on Monday, April 6th. Finally, Evercore set a $46.00 price objective on NIKE and gave the stock an "in-line" rating in a research note on Tuesday, June 23rd. Thirteen analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $54.80.

Insider Activity at NIKE

In related news, EVP Philip Mccartney sold 17,398 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total transaction of $803,439.64. Following the completion of the sale, the executive vice president directly owned 53,133 shares in the company, valued at $2,453,681.94. This represents a 24.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.80% of the company's stock.

About NIKE

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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