RNC Capital Management LLC Reduces Stock Position in NIKE, Inc. $NKE

RNC Capital Management LLC cut its stake in NIKE, Inc. (NYSE:NKE) by 4.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,998 shares of the footwear maker’s stock after selling 372 shares during the quarter. RNC Capital Management LLC’s holdings in NIKE were worth $639,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mascoma Wealth Management LLC bought a new position in NIKE in the 2nd quarter worth $26,000. Stone House Investment Management LLC bought a new position in NIKE in the 1st quarter worth $25,000. Halbert Hargrove Global Advisors LLC raised its holdings in NIKE by 952.6% in the 2nd quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 362 shares in the last quarter. Matrix Trust Co raised its holdings in NIKE by 53.1% in the 2nd quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock worth $31,000 after purchasing an additional 153 shares in the last quarter. Finally, Saudi Central Bank bought a new position in NIKE in the 1st quarter worth $30,000. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Up 1.0%

NYSE:NKE opened at $69.03 on Thursday. The firm has a market cap of $102.03 billion, a P/E ratio of 35.40, a P/E/G ratio of 2.52 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $82.44. The firm has a 50-day simple moving average of $72.67 and a two-hundred day simple moving average of $67.57.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. The business had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. NIKE’s revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business earned $0.70 EPS. Analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is currently 82.05%.

Analyst Ratings Changes

Several research analysts have commented on NKE shares. JPMorgan Chase & Co. upped their price objective on shares of NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. BTIG Research began coverage on shares of NIKE in a research note on Tuesday, October 14th. They issued a “buy” rating and a $100.00 price target for the company. Wall Street Zen upgraded shares of NIKE from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Telsey Advisory Group reiterated a “market perform” rating and issued a $75.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $115.00 price target on shares of NIKE in a research note on Monday, September 29th. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.21.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares of the company’s stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Treasure Heinle sold 4,300 shares of the firm’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the sale, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.