Norden Group LLC Sells 6,328 Shares of NIKE, Inc. $NKE

Key Points

• Norden Group LLC reduced its stake in NIKE, Inc. by 63.2%, selling 6,328 shares and leaving them with 3,689 shares valued at approximately $262,000.
• NIKE announced a quarterly dividend of $0.40 per share, with an annualized yield of 2.3%, set to be paid on October 1st.
• Several analysts have reiterated bullish ratings on NIKE, with target prices ranging from $65.00 to $115.00, reflecting a generally positive outlook for the stock.

Norden Group LLC lessened its stake in NIKE, Inc. (NYSE:NKE - Free Report) by 63.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,689 shares of the footwear maker's stock after selling 6,328 shares during the period. Norden Group LLC's holdings in NIKE were worth $262,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Stone House Investment Management LLC bought a new stake in NIKE in the 1st quarter worth approximately $25,000. Saudi Central Bank bought a new stake in NIKE in the 1st quarter worth approximately $30,000. Matrix Trust Co boosted its stake in shares of NIKE by 53.1% during the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock worth $31,000 after acquiring an additional 153 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of NIKE during the 2nd quarter worth $35,000. Finally, Roxbury Financial LLC increased its stake in shares of NIKE by 52.1% in the 1st quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after purchasing an additional 201 shares in the last quarter. Institutional investors own 64.25% of the company's stock.

NIKE Stock Up 0.1%

NKE opened at $69.31 on Friday. 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 fifty-two week low of $52.28 and a fifty-two week high of $90.26. The firm's fifty day moving average is $74.99 and its 200 day moving average is $67.34. The stock has a market cap of $102.36 billion, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 2.51 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last released 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 net margin of 6.95% and a return on equity of 23.33%. The company had revenue of $11.10 billion for the quarter, compared to analysts' expectations of $10.69 billion. During the same quarter in the previous year, the company earned $0.99 EPS. NIKE's revenue for the quarter was down 11.9% on a year-over-year basis. On average, sell-side analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. NIKE's payout ratio is 74.07%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NKE. Sanford C. Bernstein reiterated an "outperform" rating on shares of NIKE in a research report on Monday, August 18th. Jefferies Financial Group reiterated a "buy" rating and set a $115.00 target price on shares of NIKE in a research report on Friday, August 22nd. Barclays lifted their target price on NIKE from $64.00 to $65.00 and gave the company an "equal weight" rating in a research report on Thursday, September 18th. HSBC upgraded NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research report on Friday, June 27th. Finally, Cowen upgraded NIKE from a "hold" rating to a "buy" rating in a research report on Wednesday, September 10th. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $79.62.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total value of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. The trade was a 10.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.80% of the company's stock.

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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