Harbor Island Capital LLC Takes $5.02 Million Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Harbor Island Capital LLC acquired 79,090 shares of NIKE, Inc., valued at approximately $5 million, making it 2.5% of their total holdings.
• Wall Street analysts show varied opinions on NIKE's stock, with 17 analysts rating it as a buy and a consensus target price of $78.22.
• NIKE's latest earnings report indicated an EPS of $0.14, surpassing estimates but reflecting a 11.9% decline in revenue year-over-year.

Harbor Island Capital LLC purchased a new stake in NIKE, Inc. (NYSE:NKE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 79,090 shares of the footwear maker's stock, valued at approximately $5,021,000. NIKE accounts for about 2.5% of Harbor Island Capital LLC's investment portfolio, making the stock its 14th largest holding.

Other large investors have also recently bought and sold shares of the company. Wealthspire Advisors LLC lifted its holdings in shares of NIKE by 103.0% during the 1st quarter. Wealthspire Advisors LLC now owns 34,308 shares of the footwear maker's stock worth $2,178,000 after acquiring an additional 17,408 shares during the last quarter. Leisure Capital Management lifted its holdings in shares of NIKE by 11.2% during the 1st quarter. Leisure Capital Management now owns 23,640 shares of the footwear maker's stock worth $1,501,000 after acquiring an additional 2,379 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of NIKE by 52.0% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 672 shares of the footwear maker's stock worth $43,000 after acquiring an additional 230 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in shares of NIKE by 91.1% during the 1st quarter. Cary Street Partners Financial LLC now owns 17,678 shares of the footwear maker's stock worth $1,122,000 after acquiring an additional 8,428 shares during the last quarter. Finally, Advyzon Investment Management LLC bought a new stake in shares of NIKE during the 1st quarter worth $243,000. 64.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NKE shares. JPMorgan Chase & Co. raised shares of NIKE from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $64.00 to $93.00 in a report on Monday, July 28th. Telsey Advisory Group reiterated a "market perform" rating and issued a $70.00 target price on shares of NIKE in a research report on Friday, June 27th. DZ Bank cut shares of NIKE from a "buy" rating to a "hold" rating and set a $76.00 target price on the stock. in a research report on Thursday, July 10th. Bank of America lifted their target price on shares of NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a research report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and a consensus target price of $78.22.

Insider Activity

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 owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.80% of the company's stock.

NIKE Stock Down 0.2%

NYSE:NKE traded down $0.18 during mid-day trading on Friday, hitting $74.17. 6,733,814 shares of the company's stock were exchanged, compared to its average volume of 11,448,546. NIKE, Inc. has a one year low of $52.28 and a one 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 business has a fifty day moving average price of $69.70 and a 200 day moving average price of $67.64. The company has a market cap of $109.54 billion, a PE ratio of 34.34, a P/E/G ratio of 2.70 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the previous year, the firm posted $0.99 earnings per share. NIKE's quarterly revenue was down 11.9% on a year-over-year basis. Equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

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 is Tuesday, September 2nd. NIKE's dividend payout ratio is currently 74.07%.

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.