Newport Trust Company LLC Has $354.27 Million Holdings in NIKE, Inc. $NKE

Key Points

• Newport Trust Company trimmed its NIKE stake by 2.2% in the fourth quarter, but still held 5.56 million shares valued at about $354.3 million at quarter-end.
• Insiders were buying: Director Timothy D. Cook and CEO Elliott Hill both purchased shares in April, with total insider buying reaching 64,441 shares worth about $2.7 million over the last three months.
• NIKE reported better-than-expected quarterly earnings of $0.35 per share on revenue of $11.28 billion, but analysts remain cautious overall, with the stock carrying a Hold consensus and average price target of $62.04.

Newport Trust Company LLC lessened its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,560,705 shares of the footwear maker's stock after selling 124,828 shares during the quarter. NIKE accounts for approximately 0.8% of Newport Trust Company LLC's holdings, making the stock its 21st largest holding. Newport Trust Company LLC owned 0.38% of NIKE worth $354,273,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Guerra Advisors Inc acquired a new stake in NIKE during the 3rd quarter worth $34,000. Gordian Capital Singapore Pte Ltd acquired a new stake in NIKE during the 3rd quarter worth $35,000. Accredited Wealth Management LLC raised its stake in NIKE by 268.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker's stock worth $36,000 after buying an additional 376 shares during the period. Strive Asset Management LLC acquired a new stake in NIKE during the 3rd quarter worth $40,000. Finally, Matrix Trust Co raised its stake in NIKE by 43.6% during the 4th quarter. Matrix Trust Co now owns 596 shares of the footwear maker's stock worth $38,000 after buying an additional 181 shares during the period. Institutional investors and hedge funds own 64.25% of the company's stock.

Insider Buying and Selling at NIKE

In other NIKE news, Director Timothy D. Cook purchased 25,000 shares of the company's stock in a transaction dated Friday, April 10th. The stock was bought at an average cost of $42.43 per share, for a total transaction of $1,060,750.00. Following the completion of the transaction, the director owned 130,480 shares in the company, valued at approximately $5,536,266.40. This represents a 23.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Elliott Hill purchased 23,660 shares of the company's stock in a transaction dated Monday, April 13th. The stock was acquired at an average price of $42.27 per share, with a total value of $1,000,108.20. Following the completion of the transaction, the chief executive officer owned 265,247 shares of the company's stock, valued at $11,211,990.69. This represents a 9.79% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 64,441 shares of company stock valued at $2,734,204 in the last three months. Corporate insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NKE. Berenberg Bank reaffirmed a "neutral" rating on shares of NIKE in a research note on Wednesday, May 6th. BNP Paribas Exane dropped their price objective on NIKE from $35.00 to $23.00 and set an "underperform" rating on the stock in a research note on Wednesday, April 1st. KeyCorp dropped their price objective on NIKE from $90.00 to $75.00 and set an "overweight" rating on the stock in a research note on Thursday, January 22nd. Williams Trading dropped their price objective on NIKE from $80.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $52.00 target price (down from $76.00) on shares of NIKE in a report on Wednesday, April 1st. Sixteen analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, NIKE currently has a consensus rating of "Hold" and an average price target of $62.04.

NIKE Stock Up 0.5%

NYSE NKE opened at $44.40 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50. NIKE, Inc. has a 1-year low of $41.35 and a 1-year high of $80.17. The company has a 50 day moving average of $46.81 and a 200-day moving average of $57.41. The company has a market cap of $65.75 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 2.34 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The company had revenue of $11.28 billion during the quarter, compared to the consensus estimate of $11.23 billion. During the same period in the previous year, the business earned $0.54 earnings per share. The firm's quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts expect that NIKE, Inc. will post 1.51 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, June 1st. NIKE's payout ratio is presently 108.61%.

Trending Headlines about NIKE

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE shares are benefiting from a shift into consumer and cyclical stocks as market breadth improves, helping lift sentiment around the name. Nike Stock Is Testing A Level That Could Define The Next Move
• Positive Sentiment: Lower energy prices and softer long-term Treasury yields are helping consumer discretionary stocks, including NIKE, by easing inflation worries and supporting expectations for resilient consumer spending. Nike Stock Soars As Energy Prices And Bond Yields Drop
• Neutral Sentiment: NIKE remains a heavily watched stock, with recent articles and trending searches suggesting investors are actively reassessing the name rather than reacting to a single fundamental catalyst. NIKE, Inc. (NKE) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Analyst and commentary pieces are focused on whether NIKE is ready for a turnaround, but they do not point to a clear near-term catalyst on their own. Is Nike Stock (NKE) Ready for a Turnaround?
• Negative Sentiment: Some recent analysis remains cautious, arguing NIKE is still not cheap enough or that the operating environment is tough, which could limit upside if investors demand clearer evidence of a rebound. Nike: Not Cheap Enough Yet

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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