Heritage Investors Management Corp Sells 42,417 Shares of NIKE, Inc. $NKE

Key Points

• Heritage Investors Management Corp. reduced its NIKE stake by 12.7%, selling 42,417 shares in the second quarter and retaining 290,918 shares valued at approximately $11.94 million. Institutional investors own 64.25% of NIKE.
• NIKE reported quarterly EPS of $0.20, beating estimates of $0.11, while revenue reached $10.97 billion. However, revenue declined 1.1% year over year, and analysts maintain a consensus “Hold” rating with a $53.53 target price.
• NIKE declared a quarterly dividend of $0.41 per share, equivalent to an annualized $1.64 dividend and a 4.0% yield. Company insiders sold 26,142 shares worth $1.17 million during the last quarter.

Heritage Investors Management Corp lowered its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 12.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 290,918 shares of the footwear maker's stock after selling 42,417 shares during the quarter. Heritage Investors Management Corp's holdings in NIKE were worth $11,942,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. purchased a new position in NIKE in the second quarter worth $33,000. Ascent Group LLC increased its stake in NIKE by 18.4% in the second quarter. Ascent Group LLC now owns 40,329 shares of the footwear maker's stock valued at $1,656,000 after acquiring an additional 6,267 shares during the last quarter. TCW Group Inc. raised its position in NIKE by 5.0% during the second quarter. TCW Group Inc. now owns 19,575 shares of the footwear maker's stock valued at $804,000 after purchasing an additional 932 shares in the last quarter. BIP Wealth LLC raised its position in NIKE by 9.4% during the second quarter. BIP Wealth LLC now owns 5,856 shares of the footwear maker's stock valued at $240,000 after purchasing an additional 502 shares in the last quarter. Finally, SWS Partners lifted its stake in NIKE by 2.5% during the second quarter. SWS Partners now owns 36,814 shares of the footwear maker's stock worth $1,526,000 after purchasing an additional 915 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

Insider Activity at NIKE

In other news, insider Amy Montagne sold 4,867 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $42.05, for a total value of $204,657.35. Following the completion of the sale, the insider directly owned 57,436 shares of the company's stock, valued at approximately $2,415,183.80. This trade represents a 7.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the sale, the executive vice president directly owned 53,133 shares in the company, valued at $2,453,681.94. The trade was a 24.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 26,142 shares of company stock valued at $1,169,380 over the last quarter. Company insiders own 1.10% of the company's stock.

NIKE Trading Down 1.2%

Shares of NKE opened at $40.73 on Friday. The stock has a market capitalization of $60.42 billion, a P/E ratio of 19.49, a PEG ratio of 1.83 and a beta of 1.11. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $42.90 and a two-hundred day simple moving average of $48.73. NIKE, Inc. has a twelve month low of $40.00 and a twelve month high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.09. The firm had revenue of $10.97 billion for the quarter, compared to analysts' expectations of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business's revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 earnings per share. On average, research analysts anticipate that NIKE, Inc. will post 1.74 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a $0.41 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.64 annualized dividend and a yield of 4.0%. NIKE's dividend payout ratio is 78.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Barclays cut their price objective on NIKE from $67.00 to $52.00 and set an "overweight" rating for the company in a report on Wednesday, July 1st. Argus raised NIKE to a "strong-buy" rating in a report on Wednesday, July 15th. Royal Bank Of Canada restated a "neutral" rating on shares of NIKE in a research report on Wednesday, July 1st. Bank of America cut their target price on NIKE from $55.00 to $47.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Finally, Evercore set a $46.00 price target on shares of NIKE and gave the company an "in-line" rating in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $53.53.

NIKE Company Profile

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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