NIKE, Inc. $NKE Shares Sold by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. lessened its holdings in shares of NIKE, Inc. (NYSE:NKE) by 2.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 36,356 shares of the footwear maker’s stock after selling 785 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in NIKE were worth $2,583,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Brighton Jones LLC increased its position in NIKE by 388.5% during the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock worth $15,316,000 after buying an additional 160,980 shares during the period. GAMMA Investing LLC increased its position in NIKE by 39.1% during the first quarter. GAMMA Investing LLC now owns 20,877 shares of the footwear maker’s stock worth $1,325,000 after buying an additional 5,863 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in NIKE by 9.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 177,009 shares of the footwear maker’s stock worth $11,236,000 after buying an additional 14,748 shares during the period. World Equity Group Inc. purchased a new position in shares of NIKE in the 1st quarter valued at approximately $249,000. Finally, Cullinan Associates Inc. grew its stake in shares of NIKE by 5.0% in the 1st quarter. Cullinan Associates Inc. now owns 10,520 shares of the footwear maker’s stock valued at $668,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Up 0.9%

NIKE stock opened at $67.46 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $83.95. The company has a market cap of $99.72 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 2.48 and a beta of 1.29. The stock’s 50 day moving average price is $73.10 and its 200 day moving average price is $67.48.

NIKE (NYSE:NKE) last posted its quarterly earnings results 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. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion for the quarter, compared to the consensus estimate of $10.96 billion. During the same period in the previous year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. NIKE’s payout ratio is presently 82.05%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NKE shares. Needham & Company LLC reiterated a “buy” rating and issued a $78.00 target price on shares of NIKE in a research note on Wednesday, October 1st. The Goldman Sachs Group set a $85.00 target price on NIKE and gave the company a “buy” rating in a research note on Thursday, September 25th. UBS Group set a $71.00 target price on NIKE and gave the company a “neutral” rating in a research note on Friday, September 19th. Telsey Advisory Group reiterated a “market perform” rating and issued a $75.00 target price on shares of NIKE in a research note on Wednesday, October 1st. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of NIKE in a research note on Friday, October 10th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus target price of $82.21.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. The trade was a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Treasure Heinle sold 4,300 shares of the business’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total value of $306,461.00. Following the sale, the executive vice president owned 29,396 shares in the company, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.

NIKE 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.