NIKE, Inc. $NKE Shares Sold by Vantage Investment Partners LLC

Key Points

• Vantage Investment Partners LLC cut its NIKE stake by 66.6% in the first quarter, selling 388,248 shares and leaving it with 194,575 shares valued at about $10.3 million.
• NIKE shares were up 3.8% to $44.39, while the company reported quarterly earnings and revenue that both beat Wall Street estimates. However, revenue still fell 1.1% year over year.
• Analysts have turned more cautious on the stock, with several cutting price targets; NIKE now has an average rating of “Hold” and an average price target of $54.80.

Vantage Investment Partners LLC trimmed its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 66.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 194,575 shares of the footwear maker's stock after selling 388,248 shares during the quarter. Vantage Investment Partners LLC's holdings in NIKE were worth $10,277,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Main Street Financial Solutions LLC raised its stake in NIKE by 4.2% during the 2nd quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker's stock valued at $244,000 after purchasing an additional 139 shares during the period. Diligent Investors LLC grew its holdings in shares of NIKE by 4.3% during the 4th quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker's stock valued at $237,000 after acquiring an additional 153 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of NIKE by 4.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,978 shares of the footwear maker's stock worth $253,000 after acquiring an additional 163 shares during the last quarter. Lakeshore Capital Group Inc. increased its stake in shares of NIKE by 2.9% in the fourth quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker's stock worth $374,000 after acquiring an additional 165 shares during the last quarter. Finally, ANB Bank raised its holdings in shares of NIKE by 0.7% during the fourth quarter. ANB Bank now owns 25,451 shares of the footwear maker's stock worth $1,621,000 after acquiring an additional 165 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Up 3.8%

NIKE stock traded up $1.61 during mid-day trading on Friday, hitting $44.39. 23,290,306 shares of the company's stock were exchanged, compared to its average volume of 27,765,434. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. The stock has a market cap of $65.73 billion, a P/E ratio of 21.24, a P/E/G ratio of 2.56 and a beta of 1.12. NIKE, Inc. has a 1-year low of $40.00 and a 1-year high of $80.17. The stock has a 50 day moving average of $43.71 and a two-hundred day moving average of $52.40.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion during the quarter, compared to analysts' expectations of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 earnings per share. As a group, analysts anticipate that NIKE, Inc. will post 1.76 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a yield of 3.7%. NIKE's dividend payout ratio is presently 78.47%.

Insider Activity at NIKE

In related news, CEO Elliott Hill purchased 23,660 shares of the stock in a transaction on Monday, April 13th. The shares were bought at an average price of $42.27 per share, for a total transaction of $1,000,108.20. Following the completion of the acquisition, the chief executive officer directly owned 265,247 shares in the company, valued at approximately $11,211,990.69. This trade represents a 9.79% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Philip Mccartney sold 17,398 shares of the business's 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 completion of the sale, the executive vice president owned 53,133 shares of the company's stock, valued at $2,453,681.94. The trade was a 24.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Company insiders own 0.80% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Barclays reduced their price objective on NIKE from $67.00 to $52.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Guggenheim reaffirmed a "buy" rating and set a $60.00 price target (down from $74.00) on shares of NIKE in a research note on Wednesday, July 1st. Needham & Company LLC reiterated a "hold" rating on shares of NIKE in a report on Thursday, June 4th. UBS Group set a $48.00 price target on NIKE and gave the company a "neutral" rating in a report on Wednesday, July 1st. Finally, Berenberg Bank set a $49.00 price target on NIKE in a research note on Friday, July 3rd. Thirteen analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $54.80.

NIKE Company 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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