Penobscot Investment Management Company Inc. Reduces Stock Position in NIKE, Inc. (NYSE:NKE)

Penobscot Investment Management Company Inc. trimmed its stake in shares of NIKE, Inc. (NYSE:NKE) by 11.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,191 shares of the footwear maker’s stock after selling 3,591 shares during the period. Penobscot Investment Management Company Inc.’s holdings in NIKE were worth $2,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NKE. Heck Capital Advisors LLC purchased a new stake in NIKE during the 4th quarter valued at $28,000. Caitlin John LLC increased its position in NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 200 shares during the last quarter. Teachers Insurance & Annuity Association of America purchased a new stake in NIKE during the third quarter valued at $30,000. Roxbury Financial LLC bought a new position in NIKE in the fourth quarter valued at about $30,000. Finally, LFA Lugano Financial Advisors SA grew its stake in shares of NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock valued at $30,000 after purchasing an additional 210 shares during the period. Institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling at NIKE

In other news, Director John W. Rogers, Jr. purchased 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the purchase, the director now owns 34,403 shares in the company, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now directly owns 896,632 shares in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

NIKE Stock Down 1.1 %

Shares of NYSE:NKE opened at $66.64 on Wednesday. The company has a market cap of $98.57 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 2.52 and a beta of 1.02. NIKE, Inc. has a 12 month low of $65.17 and a 12 month high of $98.04. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $74.52 and a 200 day moving average price of $77.21.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. As a group, equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.40%. The ex-dividend date is Monday, March 3rd. NIKE’s payout ratio is 53.16%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of NIKE from $73.00 to $64.00 and set a “neutral” rating on the stock in a report on Friday, March 21st. BMO Capital Markets decreased their price target on shares of NIKE from $95.00 to $92.00 and set an “outperform” rating on the stock in a research report on Friday, March 21st. Bank of America cut their price objective on shares of NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $80.00 target price on shares of NIKE in a report on Monday, March 17th. Finally, Stifel Nicolaus cut their price target on NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a report on Friday, December 20th. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $87.38.

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.