Illinois Municipal Retirement Fund Has $12.59 Million Position in NIKE, Inc. $NKE

Key Points

• Illinois Municipal Retirement Fund reduced its NIKE stake by 12.8% in the first quarter, selling 35,004 shares and leaving it with 238,299 shares valued at about $12.59 million.
• NIKE recently reported better-than-expected quarterly earnings of $0.20 per share versus $0.11 expected, and revenue of $10.97 billion also edged above estimates, though sales were still down 1.1% year over year.
• The company paid a quarterly dividend of $0.41 per share, or $1.64 annually, for a yield of 3.7%, while analysts currently rate the stock a consensus Hold with an average price target of $54.80.

Illinois Municipal Retirement Fund lessened its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 12.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 238,299 shares of the footwear maker's stock after selling 35,004 shares during the period. Illinois Municipal Retirement Fund's holdings in NIKE were worth $12,587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in NKE. Cornerstone Financial Management LLC acquired a new position in shares of NIKE in the fourth quarter valued at $26,000. Sankala Group LLC acquired a new stake in shares of NIKE during the 4th quarter worth about $26,000. J.Safra Asset Management Corp acquired a new stake in shares of NIKE during the 4th quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of NIKE during the 4th quarter worth about $30,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in shares of NIKE during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Performance

Shares of NYSE:NKE opened at $44.49 on Friday. The company's 50 day moving average price is $43.68 and its two-hundred day moving average price is $51.91. NIKE, Inc. has a 12-month low of $40.00 and a 12-month high of $80.17. The firm has a market cap of $65.89 billion, a PE ratio of 21.29, a PEG ratio of 2.47 and a beta of 1.12. The company has a quick ratio of 1.36, a current ratio of 1.96 and a debt-to-equity ratio of 0.40.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping 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 company had revenue of $10.97 billion for the quarter, compared to analysts' expectations of $10.85 billion. During the same period last year, the firm earned $0.14 earnings per share. The business's revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts predict that NIKE, Inc. will post 1.76 earnings per share for the current year.

NIKE Dividend Announcement

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

Insiders Place Their Bets

In other NIKE news, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the completion of the transaction, the executive vice president directly owned 53,133 shares of the company's stock, valued at $2,453,681.94. The trade was a 24.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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. 0.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NKE has been the topic of a number of research reports. Stifel Nicolaus set a $45.00 price target on shares of NIKE and gave the company a "hold" rating in a research note on Wednesday, July 1st. Zacks Research downgraded shares of NIKE from a "hold" rating to a "strong sell" rating in a research report on Monday, June 1st. Royal Bank Of Canada restated a "neutral" rating on shares of NIKE in a report on Wednesday, July 1st. Williams Trading decreased their target price on NIKE from $80.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Finally, Telsey Advisory Group set a $47.00 target price on NIKE and gave the stock a "market perform" rating in a research note on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, NIKE has an average rating of "Hold" and a consensus price target of $54.80.

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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