United Bank Inc. cut its stake in Nike, Inc. (NYSE:NKE) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,076 shares of the footwear maker’s stock after selling 361 shares during the period. United Bank Inc.’s holdings in Nike were worth $417,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of NKE. RB Capital Management LLC bought a new stake in shares of Nike during the fourth quarter valued at approximately $1,904,000. Empire Life Investments Inc. acquired a new position in shares of Nike during the fourth quarter worth $3,619,000. Barings LLC increased its position in shares of Nike by 20.0% in the fourth quarter. Barings LLC now owns 70,848 shares of the footwear maker’s stock worth $3,601,000 after buying an additional 11,800 shares in the last quarter. CAMG Solamere Management LLC acquired a new position in shares of Nike during the fourth quarter worth $909,000. Finally, United Capital Financial Advisers LLC increased its position in shares of Nike by 94.0% in the fourth quarter. United Capital Financial Advisers LLC now owns 531,831 shares of the footwear maker’s stock worth $27,033,000 after buying an additional 257,665 shares in the last quarter. Institutional investors and hedge funds own 64.77% of the company’s stock.
Shares of Nike, Inc. (NKE) opened at 59.46 on Wednesday. Nike, Inc. has a 12 month low of $49.01 and a 12 month high of $60.53. The firm’s 50 day moving average is $56.89 and its 200-day moving average is $55.39. The firm has a market capitalization of $97.70 billion, a PE ratio of 23.69 and a beta of 0.59.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 EPS. On average, analysts expect that Nike, Inc. will post $2.42 EPS for the current fiscal year.
A number of equities analysts have weighed in on the stock. Stifel Nicolaus set a $66.00 target price on shares of Nike and gave the company a “buy” rating in a research note on Saturday, July 22nd. Piper Jaffray Companies set a $53.00 price target on shares of Nike and gave the company a “hold” rating in a research report on Saturday, July 22nd. Guggenheim reissued a “buy” rating and set a $70.00 price target on shares of Nike in a research report on Monday, July 24th. Cowen and Company set a $54.00 price target on shares of Nike and gave the company a “hold” rating in a research report on Friday, August 4th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Nike in a research report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Nike has a consensus rating of “Buy” and an average target price of $61.04.
In related news, CFO Andrew Campion sold 5,722 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $59.40, for a total transaction of $339,886.80. Following the completion of the sale, the chief financial officer now owns 34,976 shares of the company’s stock, valued at approximately $2,077,574.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Hilary K. Krane sold 28,072 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the sale, the chief accounting officer now directly owns 177,723 shares of the company’s stock, valued at approximately $10,325,706.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 492,360 shares of company stock worth $28,485,174. Insiders own 3.90% of the company’s stock.
Nike Company Profile
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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