United Bank cut its position in shares of Nike Inc (NYSE:NKE) by 8.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 26,060 shares of the footwear maker’s stock after selling 2,559 shares during the quarter. Nike accounts for 1.7% of United Bank’s portfolio, making the stock its 21st largest position. United Bank’s holdings in Nike were worth $2,208,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of NKE. Jennison Associates LLC increased its position in shares of Nike by 26.5% during the 2nd quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock valued at $1,174,533,000 after purchasing an additional 3,087,189 shares during the period. American Century Companies Inc. increased its position in shares of Nike by 42.4% during the 3rd quarter. American Century Companies Inc. now owns 5,309,879 shares of the footwear maker’s stock valued at $449,853,000 after purchasing an additional 1,582,009 shares during the period. Bank of New York Mellon Corp increased its position in shares of Nike by 4.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock valued at $2,226,327,000 after purchasing an additional 1,273,548 shares during the period. Millennium Management LLC increased its position in shares of Nike by 2,820.1% during the 2nd quarter. Millennium Management LLC now owns 1,169,503 shares of the footwear maker’s stock valued at $93,186,000 after purchasing an additional 1,129,453 shares during the period. Finally, LFA Lugano Financial Advisors SA acquired a new position in shares of Nike during the 2nd quarter valued at $1,039,000. Institutional investors own 64.35% of the company’s stock.
NKE has been the topic of several research analyst reports. Wedbush raised their price objective on Nike from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, September 10th. Wells Fargo & Co set a $82.00 price objective on Nike and gave the stock a “hold” rating in a research note on Monday, September 10th. Morgan Stanley set a $103.00 price objective on Nike and gave the stock a “buy” rating in a research note on Tuesday, September 25th. HSBC reissued a “neutral” rating and set a $92.00 price objective on shares of Nike in a research note on Wednesday, October 3rd. Finally, Stifel Nicolaus raised their price objective on Nike from $90.00 to $96.00 and gave the stock a “buy” rating in a research note on Monday, September 24th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. Nike presently has a consensus rating of “Buy” and an average target price of $85.63.
Shares of Nike stock opened at $76.36 on Friday. The firm has a market capitalization of $123.82 billion, a PE ratio of 31.55, a price-to-earnings-growth ratio of 2.44 and a beta of 0.77. The company has a quick ratio of 1.53, a current ratio of 2.31 and a debt-to-equity ratio of 0.39. Nike Inc has a 12 month low of $55.08 and a 12 month high of $86.04.
Nike (NYSE:NKE) last issued its earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The business had revenue of $9.95 billion during the quarter, compared to analysts’ expectations of $9.92 billion. Nike had a return on equity of 40.69% and a net margin of 5.57%. Nike’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 earnings per share. As a group, analysts predict that Nike Inc will post 2.62 earnings per share for the current fiscal year.
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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