Neo Ivy Capital Management Lowers Holdings in NIKE, Inc. (NYSE:NKE)

Key Points

• Neo Ivy Capital Management has significantly reduced its holdings in NIKE, Inc., selling 71,691 shares during the first quarter, resulting in a 66.1% decrease in their position.
• Several other institutional investors have recently bought into NIKE, with 64.25% of the stock now owned by institutional investors and hedge funds.
• Analysts have varying views on NIKE, with one sell rating, thirteen hold ratings, sixteen buy ratings, and an average price target of $77.15, presently rating it as a Moderate Buy.

Neo Ivy Capital Management decreased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 66.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,750 shares of the footwear maker's stock after selling 71,691 shares during the quarter. Neo Ivy Capital Management's holdings in NIKE were worth $2,333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NKE. Norges Bank bought a new stake in NIKE during the 4th quarter valued at about $1,126,288,000. Wellington Management Group LLP raised its holdings in shares of NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of NIKE in the 1st quarter valued at about $509,051,000. Renaissance Technologies LLC raised its holdings in shares of NIKE by 1,302.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock valued at $196,901,000 after purchasing an additional 2,416,601 shares in the last quarter. Finally, Capital World Investors raised its holdings in shares of NIKE by 10.3% in the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after purchasing an additional 2,288,627 shares in the last quarter. Institutional investors own 64.25% of the company's stock.

NIKE Price Performance

Shares of NYSE NKE traded up $0.85 during mid-day trading on Friday, reaching $76.27. The company's stock had a trading volume of 7,148,164 shares, compared to its average volume of 19,919,176. The stock has a 50-day moving average of $66.81 and a two-hundred day moving average of $67.32. The stock has a market capitalization of $112.81 billion, a P/E ratio of 35.31, a P/E/G ratio of 2.80 and a beta of 1.25. 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, Inc. has a 1-year low of $52.28 and a 1-year high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings data 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 net margin of 6.95% and a return on equity of 23.33%. The firm had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the prior year, the firm posted $0.99 earnings per share. NIKE's quarterly revenue was down 11.9% on a year-over-year basis. On average, equities research analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.10%. The ex-dividend date was Monday, June 2nd. NIKE's dividend payout ratio (DPR) is presently 74.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Williams Trading reduced their price target on shares of NIKE from $93.00 to $73.00 and set a "buy" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. boosted their price target on shares of NIKE from $56.00 to $64.00 and gave the company a "neutral" rating in a report on Friday, June 27th. Wells Fargo & Company boosted their price objective on shares of NIKE from $55.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 14th. Citigroup boosted their price objective on shares of NIKE from $57.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, June 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, NIKE presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.15.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were 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 owned 842,361 shares of the company's stock, valued at $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by company insiders.

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.