Summit Trail Advisors LLC Trims Stock Position in NIKE, Inc. (NYSE:NKE)

Summit Trail Advisors LLC decreased its position in NIKE, Inc. (NYSE:NKE) by 14.4% in the third quarter, Holdings Channel reports. The firm owned 11,729 shares of the footwear maker’s stock after selling 1,970 shares during the period. Summit Trail Advisors LLC’s holdings in NIKE were worth $1,042,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of NIKE in the 3rd quarter worth $144,927,000. PineStone Asset Management Inc. lifted its stake in NIKE by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after acquiring an additional 1,576,049 shares during the period. Renaissance Technologies LLC grew its holdings in NIKE by 351.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock worth $150,101,000 after acquiring an additional 1,550,611 shares in the last quarter. KBC Group NV grew its holdings in NIKE by 145.2% during the 3rd quarter. KBC Group NV now owns 2,111,708 shares of the footwear maker’s stock worth $186,675,000 after acquiring an additional 1,250,380 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in NIKE by 19.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,209,868 shares of the footwear maker’s stock valued at $637,352,000 after purchasing an additional 1,184,252 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Up 2.4 %

Shares of NKE opened at $79.26 on Tuesday. The company has a market capitalization of $118.84 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.88 and a beta of 1.03. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The stock’s 50-day moving average price is $80.50 and its 200-day moving average price is $82.42. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last released its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 EPS. On average, sell-side analysts predict that NIKE, Inc. will post 2.75 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.40 dividend. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. NIKE’s payout ratio is presently 45.85%.

Analysts Set New Price Targets

NKE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of NIKE from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Williams Trading upgraded NIKE from a “sell” rating to a “buy” rating and lifted their price target for the company from $67.00 to $93.00 in a report on Friday, August 16th. Telsey Advisory Group decreased their price objective on NIKE from $100.00 to $96.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Bank of America cut their target price on NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Finally, Needham & Company LLC initiated coverage on shares of NIKE in a research report on Friday. They set a “buy” rating and a $84.00 price target for the company. Fourteen research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.86.

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.