King Luther Capital Management Corp Sells 92,008 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• King Luther Capital Management Corp has sold 92,008 shares of NIKE, Inc., reducing its stake by 43.4%, with remaining holdings valued at $7,611,000.
• Institutional investors own 64.25% of NIKE's stock, with notable increases in holdings by other funds during the fourth quarter.
• NIKE's quarterly earnings exceeded expectations, with the company reporting $0.14 earnings per share and projected annual earnings of 2.05 EPS.

King Luther Capital Management Corp lowered its position in NIKE, Inc. (NYSE:NKE - Free Report) by 43.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,896 shares of the footwear maker's stock after selling 92,008 shares during the quarter. King Luther Capital Management Corp's holdings in NIKE were worth $7,611,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. American Alpha Advisors LLC purchased a new position in NIKE in the first quarter valued at about $317,000. Invesco Ltd. lifted its position in shares of NIKE by 17.8% in the first quarter. Invesco Ltd. now owns 7,317,084 shares of the footwear maker's stock worth $464,488,000 after buying an additional 1,103,281 shares during the last quarter. Covestor Ltd lifted its position in shares of NIKE by 27.2% in the first quarter. Covestor Ltd now owns 1,758 shares of the footwear maker's stock worth $112,000 after buying an additional 376 shares during the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of NIKE by 27.4% in the first quarter. Frank Rimerman Advisors LLC now owns 10,889 shares of the footwear maker's stock worth $691,000 after buying an additional 2,340 shares during the last quarter. Finally, Koss Olinger Consulting LLC lifted its position in shares of NIKE by 5.5% in the first quarter. Koss Olinger Consulting LLC now owns 44,241 shares of the footwear maker's stock worth $2,808,000 after buying an additional 2,315 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company's stock.

Analysts Set New Price Targets

NKE has been the subject of a number of analyst reports. UBS Group initiated coverage on NIKE in a research report on Sunday, July 6th. They issued a "buy" rating for the company. DZ Bank cut NIKE from a "buy" rating to a "hold" rating and set a $76.00 price target for the company. in a research report on Thursday, July 10th. Wall Street Zen cut NIKE from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Royal Bank Of Canada cut their price objective on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 20th. Finally, Williams Trading cut their price objective on NIKE from $93.00 to $73.00 and set a "buy" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $78.22.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares in the company, valued at $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.80% of the company's stock.

NIKE Price Performance

Shares of NKE stock traded up $0.89 during trading hours on Tuesday, hitting $74.91. The company had a trading volume of 6,397,175 shares, compared to its average volume of 10,926,941. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $90.62. The firm has a market capitalization of $110.63 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 2.69 and a beta of 1.27. The firm's fifty day moving average is $70.20 and its 200 day moving average is $67.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $10.69 billion. During the same period in the prior year, the company posted $0.99 EPS. The company's revenue was down 11.9% compared to the same quarter last year. On average, sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal 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%.

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.