Pinnacle Associates Ltd. Sells 1,002 Shares of NIKE, Inc. $NKE

Pinnacle Associates Ltd. trimmed its position in NIKE, Inc. (NYSE:NKE) by 4.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 20,096 shares of the footwear maker’s stock after selling 1,002 shares during the period. Pinnacle Associates Ltd.’s holdings in NIKE were worth $1,428,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Arbor Capital Management Inc. ADV lifted its stake in shares of NIKE by 28.0% in the 2nd quarter. Arbor Capital Management Inc. ADV now owns 20,758 shares of the footwear maker’s stock valued at $1,527,000 after acquiring an additional 4,541 shares during the last quarter. Strs Ohio lifted its stake in shares of NIKE by 5.9% in the 2nd quarter. Strs Ohio now owns 322,352 shares of the footwear maker’s stock valued at $22,900,000 after acquiring an additional 17,863 shares during the last quarter. Field & Main Bank lifted its stake in shares of NIKE by 36.4% in the 2nd quarter. Field & Main Bank now owns 750 shares of the footwear maker’s stock valued at $53,000 after acquiring an additional 200 shares during the last quarter. Atria Investments Inc lifted its stake in shares of NIKE by 4.2% in the 2nd quarter. Atria Investments Inc now owns 72,768 shares of the footwear maker’s stock valued at $5,169,000 after acquiring an additional 2,947 shares during the last quarter. Finally, Carret Asset Management LLC raised its position in NIKE by 14.7% during the 2nd quarter. Carret Asset Management LLC now owns 3,900 shares of the footwear maker’s stock worth $277,000 after purchasing an additional 500 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the completion of the sale, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This trade represents a 10.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 value of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. This represents a 12.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NKE. Weiss Ratings raised NIKE from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. BTIG Research began coverage on NIKE in a research report on Tuesday, October 14th. They set a “buy” rating and a $100.00 target price for the company. Citigroup raised NIKE from a “neutral” rating to a “positive” rating in a research report on Friday, September 19th. Sanford C. Bernstein reaffirmed a “buy” rating and set a $90.00 target price on shares of NIKE in a research report on Monday, October 13th. Finally, KeyCorp set a $90.00 target price on NIKE and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, NIKE currently has an average rating of “Moderate Buy” and a consensus price target of $82.21.

NIKE Stock Performance

Shares of NIKE stock opened at $64.59 on Monday. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $71.29 and a two-hundred day moving average price of $68.41. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $82.44. The company has a market cap of $95.48 billion, a P/E ratio of 33.12, a PEG ratio of 2.41 and a beta of 1.29.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS. As a group, analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.40 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.5%. NIKE’s dividend payout ratio (DPR) is currently 82.05%.

About NIKE

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.