Manitou Investment Management Ltd. Reduces Holdings in NIKE, Inc. $NKE

Key Points

• Manitou Investment Management Ltd. significantly reduced its stake in NIKE, Inc. by 99.4%, lowering its holdings to 890 shares after selling 148,828 shares during the second quarter.
• Several hedge funds, including Vanguard Group Inc. and Goldman Sachs Group Inc., have increased their positions in NIKE, demonstrating institutional confidence in the company.
• NIKE recently announced a quarterly dividend of $0.40, which represents an annualized dividend yield of 2.5%, alongside a positive earnings report that beat analyst expectations.

Manitou Investment Management Ltd. decreased its position in NIKE, Inc. (NYSE:NKE - Free Report) by 99.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 890 shares of the footwear maker's stock after selling 148,828 shares during the period. Manitou Investment Management Ltd.'s holdings in NIKE were worth $63,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of NIKE by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker's stock worth $7,182,831,000 after purchasing an additional 4,957,494 shares during the period. Wellington Management Group LLP boosted its position in shares of NIKE by 24.9% during the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker's stock worth $2,880,971,000 after purchasing an additional 9,043,180 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of NIKE by 344.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker's stock worth $1,694,842,000 after purchasing an additional 20,688,013 shares during the period. Bank of New York Mellon Corp boosted its position in shares of NIKE by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker's stock worth $1,332,331,000 after purchasing an additional 620,214 shares during the period. Finally, Flossbach Von Storch SE boosted its position in shares of NIKE by 24.0% during the 1st quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker's stock worth $652,995,000 after purchasing an additional 1,988,547 shares during the period. Hedge funds and other institutional investors own 64.25% of the company's stock.

Insiders Place Their Bets

In other news, EVP Treasure Heinle sold 4,300 shares of the firm's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the sale, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. This trade represents a 12.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mark G. Parker sold 86,078 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the sale, the chairman owned 744,988 shares in the company, valued at $56,566,938.84. The trade was a 10.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 200,378 shares of company stock worth $14,794,264 over the last 90 days. Company insiders own 0.80% of the company's stock.

NIKE Stock Performance

Shares of NKE stock opened at $65.25 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $84.76. The stock has a market capitalization of $96.45 billion, a PE ratio of 33.46, a P/E/G ratio of 2.38 and a beta of 1.29. The firm has a 50 day moving average of $73.80 and a two-hundred day moving average of $67.29.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The business had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. During the same period last year, the business earned $0.70 EPS. The company's revenue was up 1.0% on a year-over-year basis. On average, research analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is presently 82.05%.

Analysts Set New Price Targets

NKE has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of NIKE in a research report on Friday. Zacks Research raised shares of NIKE from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Bank of America increased their price objective on shares of NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. KeyCorp set a $90.00 price objective on shares of NIKE and gave the stock an "overweight" rating in a research report on Thursday, October 2nd. Finally, Barclays set a $70.00 price objective on shares of NIKE and gave the stock a "positive" rating in a research report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.57.

About NIKE

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.

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