First Manhattan CO. LLC. Buys 156,895 Shares of NIKE, Inc. $NKE

Key Points

• First Manhattan CO. LLC. has increased its stake in NIKE, Inc. by 22.7%, now holding 849,446 shares valued at approximately $54.23 million.
• Despite a year-over-year revenue decline of 11.9%, NIKE reported $0.14 EPS for the last quarter, surpassing analyst expectations of $0.12.
• NIKE has announced a quarterly dividend of $0.40 per share, reflecting an annualized yield of 2.1% and a dividend payout ratio of 74.07%.

First Manhattan CO. LLC. grew its position in NIKE, Inc. (NYSE:NKE - Free Report) by 22.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 849,446 shares of the footwear maker's stock after buying an additional 156,895 shares during the quarter. First Manhattan CO. LLC. owned 0.06% of NIKE worth $54,228,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in NKE. AlTi Global Inc. raised its holdings in NIKE by 0.4% in the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock valued at $2,813,000 after acquiring an additional 150 shares during the last quarter. Peregrine Asset Advisers Inc. lifted its position in shares of NIKE by 1.2% during the first quarter. Peregrine Asset Advisers Inc. now owns 15,119 shares of the footwear maker's stock worth $934,000 after purchasing an additional 181 shares in the last quarter. Aaron Wealth Advisors LLC grew its position in shares of NIKE by 4.3% during the first quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock worth $296,000 after buying an additional 192 shares in the last quarter. Crew Capital Management Ltd. grew its position in shares of NIKE by 1.4% during the first quarter. Crew Capital Management Ltd. now owns 13,752 shares of the footwear maker's stock worth $873,000 after buying an additional 192 shares in the last quarter. Finally, Sculati Wealth Management LLC grew its position in shares of NIKE by 1.4% during the fourth quarter. Sculati Wealth Management LLC now owns 14,387 shares of the footwear maker's stock worth $1,089,000 after buying an additional 195 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. This represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.80% of the company's stock.

NIKE Stock Performance

Shares of NKE stock traded up $0.40 during mid-day trading on Wednesday, reaching $74.69. The stock had a trading volume of 7,465,443 shares, compared to its average volume of 8,412,580. The firm's 50 day simple moving average is $75.19 and its 200 day simple moving average is $67.98. 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 one year low of $52.28 and a one year high of $90.62. The firm has a market cap of $110.32 billion, a PE ratio of 34.58, a P/E/G ratio of 2.81 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter last year, the company earned $0.99 EPS. The company's quarterly revenue was down 11.9% on a year-over-year basis. On average, analysts forecast 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 paid 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%.

Wall Street Analyst Weigh In

NKE has been the topic of several research reports. Deutsche Bank Aktiengesellschaft dropped their price target on NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a research report on Friday, June 20th. Morgan Stanley upped their target price on NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. UBS Group initiated coverage on shares of NIKE in a research report on Sunday, July 6th. They issued a "buy" rating on the stock. Evercore ISI decreased their price target on shares of NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 24th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $115.00 price target on shares of NIKE in a research report on Friday, August 22nd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $78.22.

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.