Bridges Investment Management Inc. Lowers Stake in Nike Inc (NKE)

Bridges Investment Management Inc. cut its position in shares of Nike Inc (NYSE:NKE) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,375 shares of the footwear maker’s stock after selling 1,584 shares during the period. Bridges Investment Management Inc.’s holdings in Nike were worth $1,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock worth $2,984,719,000 after buying an additional 2,563,166 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Nike by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 36,587,010 shares of the footwear maker’s stock worth $1,926,306,000 after buying an additional 662,231 shares during the period. Morgan Stanley raised its position in Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock worth $1,198,567,000 after buying an additional 2,090,700 shares during the period. Northern Trust Corp raised its position in Nike by 3.6% in the third quarter. Northern Trust Corp now owns 21,830,050 shares of the footwear maker’s stock worth $1,149,353,000 after buying an additional 755,061 shares during the period. Finally, BlackRock Fund Advisors raised its position in Nike by 3.4% in the third quarter. BlackRock Fund Advisors now owns 17,700,883 shares of the footwear maker’s stock worth $931,951,000 after buying an additional 577,883 shares during the period. 62.23% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Nike (NYSE:NKE)

Nike Inc (NYSE:NKE) traded down 0.62% during trading on Friday, reaching $56.05. 1,379,847 shares of the company’s stock traded hands. The company has a 50 day moving average of $56.25 and a 200 day moving average of $53.47. Nike Inc has a one year low of $49.01 and a one year high of $60.33. The firm has a market cap of $92.53 billion, a price-to-earnings ratio of 23.38 and a beta of 0.44.

Nike (NYSE:NKE) last released its earnings results on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.15. Nike had a return on equity of 31.70% and a net margin of 11.60%. The firm earned $8.43 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts predict that Nike Inc will post $2.40 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Monday, March 6th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date was Thursday, March 2nd. Nike’s payout ratio is presently 31.72%.

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A number of research firms recently weighed in on NKE. Jefferies Group LLC reissued a “buy” rating and set a $75.00 price target on shares of Nike in a research report on Tuesday, January 3rd. Piper Jaffray Companies reissued a “neutral” rating and set a $51.00 price target on shares of Nike in a research report on Thursday, March 16th. Credit Suisse Group AG set a $67.00 price target on shares of Nike and gave the company a “buy” rating in a research report on Tuesday, March 14th. Vetr downgraded shares of Nike from a “strong-buy” rating to a “buy” rating and set a $60.36 price objective for the company. in a report on Monday, March 27th. Finally, B. Riley restated a “neutral” rating and set a $56.00 price objective on shares of Nike in a report on Monday, December 26th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have given a buy rating to the stock. Nike presently has an average rating of “Buy” and a consensus target price of $60.66.

In other Nike news, EVP David J. Ayre sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 30th. The stock was sold at an average price of $53.08, for a total value of $10,616,000.00. Following the completion of the transaction, the executive vice president now directly owns 357,713 shares of the company’s stock, valued at $18,987,406.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Hilary K. Krane sold 65,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 18th. The shares were sold at an average price of $56.00, for a total value of $3,640,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 270,795 shares of the company’s stock, valued at $15,164,520. The disclosure for this sale can be found here. Insiders sold 665,000 shares of company stock valued at $36,333,500 over the last three months. 3.90% of the stock is currently owned by corporate insiders.

About Nike

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.

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