Indiana Trust & Investment Management CO reduced its stake in Nike Inc (NYSE:NKE) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,094 shares of the footwear maker’s stock after selling 1,078 shares during the period. Nike accounts for 1.2% of Indiana Trust & Investment Management CO’s holdings, making the stock its 16th biggest holding. Indiana Trust & Investment Management CO’s holdings in Nike were worth $2,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Wagner Wealth Management LLC purchased a new stake in shares of Nike in the 4th quarter worth approximately $103,000. G&S Capital LLC purchased a new stake in shares of Nike in the 4th quarter worth approximately $112,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Nike in the 4th quarter worth approximately $116,000. Bruderman Asset Management LLC purchased a new stake in shares of Nike in the 1st quarter worth approximately $129,000. Finally, Princeton Capital Management LLC purchased a new stake in shares of Nike in the 1st quarter worth approximately $130,000. Institutional investors and hedge funds own 64.09% of the company’s stock.
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Several brokerages have recently weighed in on NKE. Canaccord Genuity reaffirmed a “hold” rating and issued a $62.00 price target (up previously from $60.00) on shares of Nike in a research report on Sunday, March 25th. Macquarie reaffirmed a “buy” rating and issued a $80.00 price target on shares of Nike in a research report on Friday, March 23rd. UBS Group cut shares of Nike from a “buy” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $78.00 in a research report on Thursday, June 21st. Atlantic Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Nike in a research report on Friday, June 29th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $90.00 price target on shares of Nike in a research report on Friday, June 29th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $76.55.
In other news, Chairman Mark G. Parker sold 135,000 shares of the stock in a transaction on Monday, June 4th. The shares were sold at an average price of $73.03, for a total value of $9,859,050.00. Following the sale, the chairman now owns 1,637,736 shares in the company, valued at $119,603,860.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric D. Sprunk sold 150,000 shares of the stock in a transaction on Friday, June 29th. The stock was sold at an average price of $79.07, for a total transaction of $11,860,500.00. Following the completion of the sale, the insider now owns 241,959 shares in the company, valued at approximately $19,131,698.13. The disclosure for this sale can be found here. Insiders sold 545,000 shares of company stock worth $41,306,030 in the last quarter. Company insiders own 3.90% of the company’s stock.
NYSE:NKE opened at $76.55 on Friday. The firm has a market capitalization of $124.10 billion, a PE ratio of 31.63, a price-to-earnings-growth ratio of 2.67 and a beta of 0.67. Nike Inc has a 1-year low of $50.35 and a 1-year high of $81.00. The company has a current ratio of 2.51, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35.
Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 28th. The footwear maker reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.05. The firm had revenue of $9.79 billion for the quarter, compared to analyst estimates of $9.40 billion. Nike had a net margin of 5.31% and a return on equity of 36.57%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 earnings per share. research analysts predict that Nike Inc will post 2.61 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 5th. Stockholders of record on Monday, June 4th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. Nike’s payout ratio is currently 33.06%.
Nike announced that its board has authorized a share buyback program on Thursday, June 28th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the footwear maker to reacquire up to 12.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.