Kirtland Hills Capital Management LLC Sells 4,434 Shares of NIKE, Inc. (NYSE:NKE)

Key Points

• Kirtland Hills Capital Management LLC reduced its stake in NIKE, Inc. by 23.3%, selling 4,434 shares and ending the quarter with 14,604 shares valued at $927,000.
• Several hedge funds, including Wellington Management Group LLP and Renaissance Technologies LLC, increased their positions in NIKE significantly, with 64.25% of the stock currently owned by institutional investors.
• NIKE's recent earnings report showed a net margin decline of 11.9% year-over-year, with earnings per share of $0.14, beating estimates of $0.12.

Kirtland Hills Capital Management LLC reduced its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,604 shares of the footwear maker's stock after selling 4,434 shares during the period. Kirtland Hills Capital Management LLC's holdings in NIKE were worth $927,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Meeder Advisory Services Inc. increased its holdings in shares of NIKE by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 20,081 shares of the footwear maker's stock valued at $1,275,000 after acquiring an additional 386 shares during the last quarter. Ironsides Asset Advisors LLC acquired a new position in shares of NIKE during the 1st quarter valued at about $207,000. Physicians Financial Services Inc. increased its holdings in shares of NIKE by 17.3% during the 1st quarter. Physicians Financial Services Inc. now owns 16,127 shares of the footwear maker's stock valued at $1,024,000 after acquiring an additional 2,381 shares during the last quarter. Solidarity Wealth LLC increased its holdings in shares of NIKE by 11.5% during the 1st quarter. Solidarity Wealth LLC now owns 81,545 shares of the footwear maker's stock valued at $5,208,000 after acquiring an additional 8,386 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its holdings in shares of NIKE by 7.8% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 11,213 shares of the footwear maker's stock valued at $712,000 after acquiring an additional 811 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chairman directly owned 842,361 shares of the company's stock, valued at $60,894,276.69. This represents a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is owned by corporate insiders.

NIKE Trading Down 0.4%

NYSE NKE traded down $0.31 on Friday, reaching $74.38. The company had a trading volume of 7,032,295 shares, compared to its average volume of 17,457,365. The stock's 50 day moving average is $68.07 and its 200-day moving average is $67.51. The stock has a market cap of $109.86 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 2.79 and a beta of 1.25. 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 52 week low of $52.28 and a 52 week high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. During the same period in the previous year, the firm earned $0.99 earnings per share. The company's revenue was down 11.9% on a year-over-year basis. Equities analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NKE. Wells Fargo & Company lifted their price objective on NIKE from $55.00 to $60.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 14th. Morgan Stanley lifted their price objective on NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a report on Friday, June 27th. Stifel Nicolaus decreased their price objective on NIKE from $75.00 to $64.00 and set a "hold" rating on the stock in a report on Thursday, April 10th. Piper Sandler lifted their price objective on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Finally, Evercore ISI decreased their price objective on NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $78.22.

NIKE 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.