Kornitzer Capital Management Inc. KS Boosts Stake in NIKE, Inc. $NKE

Key Points

• Kornitzer Capital Management more than doubled its NIKE stake in the first quarter, increasing holdings by 101.5% to 46,328 shares valued at about $2.45 million.
• NIKE reported quarterly EPS of $0.20, beating estimates of $0.11, while revenue of $10.97 billion also came in slightly above expectations despite a 1.1% year-over-year decline.
• Analysts remain mixed on the stock: NIKE has a Hold consensus rating with an average price target of $54.80, while recent moves included price-target cuts and one downgrade to strong sell.

Kornitzer Capital Management Inc. KS lifted its position in NIKE, Inc. (NYSE:NKE - Free Report) by 101.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,328 shares of the footwear maker's stock after acquiring an additional 23,337 shares during the period. Kornitzer Capital Management Inc. KS's holdings in NIKE were worth $2,447,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of NIKE by 388.5% in the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after buying an additional 160,980 shares during the period. Caxton Associates LLP purchased a new position in NIKE during the 1st quarter valued at about $311,000. United Bank boosted its stake in NIKE by 11.3% during the second quarter. United Bank now owns 17,067 shares of the footwear maker's stock worth $1,212,000 after acquiring an additional 1,736 shares in the last quarter. NewEdge Advisors LLC boosted its stake in NIKE by 0.3% during the second quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker's stock worth $4,558,000 after acquiring an additional 197 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in NIKE by 6.5% in the second quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker's stock worth $13,588,000 after purchasing an additional 11,646 shares during the period. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Price Performance

Shares of NKE opened at $44.39 on Monday. The company has a market capitalization of $65.73 billion, a P/E ratio of 21.24, a price-to-earnings-growth ratio of 2.56 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. The firm has a 50 day moving average of $43.71 and a 200 day moving average of $52.37. 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 released its quarterly earnings data 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. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business had revenue of $10.97 billion for the quarter, compared to analysts' expectations of $10.85 billion. During the same period in the prior year, the firm posted $0.14 EPS. The firm's quarterly revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that NIKE, Inc. will post 1.76 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were paid a $0.41 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. NIKE's payout ratio is currently 78.47%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NKE. Berenberg Bank set a $49.00 target price on shares of NIKE in a research note on Friday, July 3rd. Royal Bank Of Canada reissued a "neutral" rating on shares of NIKE in a research report on Wednesday, July 1st. Zacks Research downgraded NIKE from a "hold" rating to a "strong sell" rating in a research note on Monday, June 1st. JPMorgan Chase & Co. reduced their price objective on NIKE from $52.00 to $47.00 and set a "neutral" rating for the company in a research report on Monday, June 29th. Finally, Guggenheim reiterated a "buy" rating and set a $60.00 price objective (down from $74.00) on shares of NIKE in a research note on Wednesday, July 1st. Thirteen investment analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $54.80.

Insider Activity

In related news, EVP Philip Mccartney sold 17,398 shares of the stock in a transaction on Friday, June 12th. The stock was 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 of the company's stock, valued at $2,453,681.94. This trade represents a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 currently owned by insiders.

NIKE 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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