Cullinan Associates Inc. reduced its holdings in shares of Nike Inc (NYSE:NKE) by 31.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,130 shares of the footwear maker’s stock after selling 33,600 shares during the period. Cullinan Associates Inc.’s holdings in Nike were worth $5,422,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. BDO Wealth Advisors LLC grew its holdings in Nike by 1,044.3% during the 2nd quarter. BDO Wealth Advisors LLC now owns 1,396 shares of the footwear maker’s stock worth $111,000 after acquiring an additional 1,274 shares during the period. Resources Management Corp CT ADV bought a new position in shares of Nike during the 3rd quarter worth about $113,000. Stelac Advisory Services LLC bought a new position in shares of Nike during the 3rd quarter worth about $115,000. Highwater Wealth Management LLC bought a new position in shares of Nike during the 4th quarter worth about $116,000. Finally, Polaris Greystone Financial Group LLC bought a new position in shares of Nike during the 3rd quarter worth about $119,000. Hedge funds and other institutional investors own 63.99% of the company’s stock.
In related news, Chairman Mark G. Parker sold 150,000 shares of Nike stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $73.68, for a total value of $11,052,000.00. Following the completion of the transaction, the chairman now directly owns 1,687,863 shares in the company, valued at approximately $124,361,745.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Slusher sold 200,000 shares of Nike stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $74.05, for a total transaction of $14,810,000.00. Following the completion of the transaction, the executive vice president now owns 284,805 shares of the company’s stock, valued at $21,089,810.25. The disclosure for this sale can be found here. Company insiders own 3.90% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Needham & Company LLC raised shares of Nike from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Thursday. HSBC cut shares of Nike from a “neutral” rating to a “hold” rating in a research report on Wednesday. Robert W. Baird cut shares of Nike from an “outperform” rating to a “neutral” rating and set a $76.62 price objective on the stock. in a research report on Wednesday. They noted that the move was a valuation call. JPMorgan Chase & Co. set a $85.00 price objective on shares of Nike and gave the stock a “buy” rating in a research report on Wednesday, January 2nd. Finally, UBS Group set a $78.00 price objective on shares of Nike and gave the stock a “neutral” rating in a research report on Wednesday, January 2nd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $83.14.
Shares of Nike stock traded up $0.03 during mid-day trading on Friday, hitting $76.45. 6,904,673 shares of the stock were exchanged, compared to its average volume of 8,586,630. Nike Inc has a 12 month low of $62.09 and a 12 month high of $86.04. The company has a quick ratio of 1.40, a current ratio of 2.14 and a debt-to-equity ratio of 0.40. The stock has a market cap of $121.63 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.37 and a beta of 0.69.
Nike (NYSE:NKE) last posted its earnings results on Thursday, December 20th. The footwear maker reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.06. Nike had a net margin of 5.66% and a return on equity of 44.85%. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.17 billion. During the same quarter last year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts anticipate that Nike Inc will post 2.62 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Monday, December 3rd were paid a dividend of $0.22 per share. The ex-dividend date was Friday, November 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.15%. This is a positive change from Nike’s previous quarterly dividend of $0.20. Nike’s dividend payout ratio (DPR) is presently 36.36%.
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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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