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Monetta Financial Services Inc. Acquires New Holdings in NIKE, Inc. (NYSE:NKE)

NIKE logo with Consumer Discretionary background

Key Points

  • Monetta Financial Services Inc. acquired 15,000 shares of NIKE, Inc., valued at approximately $952,000, during the 1st quarter of the year.
  • Insider transactions revealed that Chairman Mark G. Parker sold 110,000 shares, decreasing his position by 11.55%, while 64.25% of NIKE's stock is now owned by institutional investors.
  • Analysts have mixed forecasts for NIKE, with a consensus rating of "Moderate Buy" and a target price averaging $78.22, despite recent price target adjustments from various brokerages.
  • Want stock alerts on NIKE? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Monetta Financial Services Inc. bought a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 15,000 shares of the footwear maker's stock, valued at approximately $952,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in shares of NIKE by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,507,250 shares of the footwear maker's stock valued at $603,445,000 after acquiring an additional 301,497 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in NIKE in the first quarter valued at $34,590,000. Citizens Financial Group Inc. RI increased its holdings in NIKE by 1.8% in the first quarter. Citizens Financial Group Inc. RI now owns 43,060 shares of the footwear maker's stock valued at $2,746,000 after purchasing an additional 762 shares during the period. Greykasell Wealth Strategies Inc. bought a new position in NIKE during the 1st quarter worth $42,000. Finally, Primecap Management Co. CA acquired a new position in NIKE during the 1st quarter worth about $111,498,000. 64.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the sale, the chairman 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 SEC, which is available through this hyperlink. Company insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NKE. Stifel Nicolaus decreased their price target on NIKE from $75.00 to $64.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. Berenberg Bank started coverage on shares of NIKE in a research report on Tuesday, April 15th. They set a "hold" rating and a $58.00 target price for the company. JPMorgan Chase & Co. upgraded shares of NIKE from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $64.00 to $93.00 in a report on Monday, July 28th. Needham & Company LLC upped their price objective on shares of NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Finally, Williams Trading decreased their price objective on shares of 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 given a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.22.

Check Out Our Latest Stock Analysis on NIKE

NIKE Price Performance

NKE stock opened at $75.51 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. The business has a 50-day simple moving average of $69.17 and a two-hundred day simple moving average of $67.61. The company has a market capitalization of $111.52 billion, a P/E ratio of 34.96, a price-to-earnings-growth ratio of 2.70 and a beta of 1.27. 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 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 company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter last year, the company earned $0.99 earnings per share. The company's revenue for the quarter was down 11.9% on a year-over-year basis. Research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

About NIKE

(Free Report)

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.

See Also

Institutional Ownership by Quarter for NIKE (NYSE:NKE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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