Renaissance Technologies LLC Takes Position in NIKE, Inc. $NKE

Key Points

• Renaissance Technologies acquired 315,100 NIKE shares worth approximately $16.6 million in the first quarter. Institutional investors and hedge funds collectively own 64.25% of the company.
• Analyst sentiment remains mixed, with NIKE receiving an average “Hold” rating and a consensus price target of $53.74 after several firms lowered their targets.
• NIKE beat quarterly earnings and revenue expectations, reporting $0.20 in EPS and $10.97 billion in revenue, although revenue declined 1.1% year over year. The company also maintains a $0.41 quarterly dividend, yielding about 3.9%.

Renaissance Technologies LLC acquired a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 315,100 shares of the footwear maker's stock, valued at approximately $16,644,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Scarborough Advisors LLC acquired a new position in NIKE in the first quarter valued at $25,000. Cornerstone Financial Management LLC acquired a new position in NIKE in the fourth quarter valued at approximately $26,000. Sankala Group LLC bought a new stake in shares of NIKE in the 4th quarter valued at $26,000. J.Safra Asset Management Corp acquired a new position in shares of NIKE during the 4th quarter valued at $29,000. Finally, Meeder Asset Management Inc. increased its stake in NIKE by 108.4% in the first quarter. Meeder Asset Management Inc. now owns 548 shares of the footwear maker's stock valued at $29,000 after purchasing an additional 285 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Oppenheimer decreased their target price on NIKE from $120.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, June 26th. DZ Bank reiterated a "buy" rating on shares of NIKE in a report on Tuesday, June 30th. JPMorgan Chase & Co. decreased their price objective on NIKE from $52.00 to $47.00 and set a "neutral" rating for the company in a report on Monday, June 29th. UBS Group set a $48.00 price target on NIKE and gave the company a "neutral" rating in a research report on Wednesday, July 1st. Finally, Citigroup reissued a "neutral" rating on shares of NIKE in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $53.74.

NIKE Stock Performance

NYSE NKE opened at $42.28 on Friday. NIKE, Inc. has a 52-week low of $40.00 and a 52-week high of $80.17. The company has a 50-day simple moving average of $43.62 and a 200 day simple moving average of $50.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.36 and a current ratio of 1.96. The company has a market capitalization of $62.73 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The firm had revenue of $10.97 billion for the quarter, compared to analysts' expectations of $10.85 billion. During the same period in the previous year, the company earned $0.14 earnings per share. The company's quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts predict that NIKE, Inc. will post 1.74 EPS for the current year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, June 1st. NIKE's payout ratio is 78.47%.

Insider Buying and Selling

In related news, EVP Philip Mccartney sold 17,398 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the transaction, the executive vice president owned 53,133 shares in the company, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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. Insiders own 1.10% of the company's stock.

About NIKE

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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