Eagle Ridge Investment Management lessened its holdings in shares of Nike Inc (NYSE:NKE) by 0.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 125,830 shares of the footwear maker’s stock after selling 807 shares during the quarter. Nike accounts for approximately 1.5% of Eagle Ridge Investment Management’s holdings, making the stock its 22nd largest holding. Eagle Ridge Investment Management’s holdings in Nike were worth $10,563,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Joseph P. Lucia & Associates LLC acquired a new stake in Nike during the 1st quarter worth $25,000. Shamrock Asset Management LLC acquired a new stake in Nike during the 1st quarter worth $25,000. Jackson Grant Investment Advisers Inc. acquired a new stake in Nike during the 1st quarter worth $25,000. Thor Advisors LLC acquired a new stake in Nike during the 1st quarter worth $26,000. Finally, Mackey Komara & Dankovich LLC acquired a new stake in Nike during the 1st quarter worth $30,000. 66.15% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director John C. Lechleiter sold 5,406 shares of Nike stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $87.13, for a total transaction of $471,024.78. Following the completion of the transaction, the director now owns 68,457 shares in the company, valued at $5,964,658.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John F. Slusher sold 110,000 shares of Nike stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $85.26, for a total value of $9,378,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 194,637 shares of company stock worth $16,767,237. 3.80% of the stock is owned by company insiders.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). The company had revenue of $10.18 billion during the quarter, compared to analyst estimates of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. Nike’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.69 EPS. On average, analysts expect that Nike Inc will post 2.9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, August 30th. Nike’s dividend payout ratio is currently 35.34%.
NKE has been the topic of several recent research reports. Zacks Investment Research raised Nike from a “sell” rating to a “hold” rating and set a $95.00 price target on the stock in a research note on Monday, May 27th. JPMorgan Chase & Co. lifted their price target on Nike from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Bank of America raised Nike to an “underperform” rating and lifted their price target for the company from $60.00 to $70.00 in a research note on Monday, June 24th. Stifel Nicolaus set a $96.00 price target on Nike and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Pivotal Research set a $101.00 price target on Nike and gave the company a “buy” rating in a research note on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $90.02.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.
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