Kornitzer Capital Management Inc. KS reduced its holdings in shares of Nike Inc (NYSE:NKE) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,437 shares of the footwear maker’s stock after selling 4,279 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Nike were worth $5,582,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Nike by 1.4% in the second quarter. Vanguard Group Inc. now owns 105,374,269 shares of the footwear maker’s stock valued at $8,846,169,000 after purchasing an additional 1,469,583 shares during the last quarter. BlackRock Inc. raised its position in Nike by 2.2% in the second quarter. BlackRock Inc. now owns 87,672,220 shares of the footwear maker’s stock valued at $7,360,079,000 after purchasing an additional 1,883,150 shares during the last quarter. Jennison Associates LLC raised its position in Nike by 13.6% in the second quarter. Jennison Associates LLC now owns 23,510,331 shares of the footwear maker’s stock valued at $1,973,692,000 after purchasing an additional 2,809,878 shares during the last quarter. Northern Trust Corp raised its position in Nike by 0.4% in the second quarter. Northern Trust Corp now owns 21,011,376 shares of the footwear maker’s stock valued at $1,763,905,000 after purchasing an additional 73,514 shares during the last quarter. Finally, Edgewood Management LLC raised its position in Nike by 1.1% in the second quarter. Edgewood Management LLC now owns 16,990,039 shares of the footwear maker’s stock valued at $1,426,314,000 after purchasing an additional 183,581 shares during the last quarter. Institutional investors and hedge funds own 65.37% of the company’s stock.
In related news, EVP Monique S. Matheson sold 17,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $89.83, for a total transaction of $1,527,110.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Elliott Hill sold 2,770 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $86.96, for a total value of $240,879.20. The disclosure for this sale can be found here. Insiders have sold 436,445 shares of company stock valued at $40,260,653 in the last ninety days. 3.80% of the stock is currently owned by insiders.
Several equities analysts have commented on the company. Oppenheimer increased their target price on Nike from $100.00 to $115.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Daiwa Capital Markets set a $91.00 price objective on Nike and gave the stock a “hold” rating in a research report on Friday, September 27th. Citigroup raised their price objective on Nike from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Credit Suisse Group restated a “buy” rating and set a $112.00 price objective on shares of Nike in a research report on Thursday, October 24th. Finally, Goldman Sachs Group set a $95.00 price objective on Nike and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $97.07.
NYSE NKE traded down $0.59 during trading hours on Friday, hitting $89.81. 4,461,037 shares of the company’s stock were exchanged, compared to its average volume of 6,516,054. The stock has a 50-day simple moving average of $91.77 and a 200 day simple moving average of $86.32. Nike Inc has a 1-year low of $66.53 and a 1-year high of $96.87. The firm has a market cap of $140.31 billion, a price-to-earnings ratio of 36.07, a PEG ratio of 2.31 and a beta of 0.83. The company has a current ratio of 2.01, a quick ratio of 1.29 and a debt-to-equity ratio of 0.67.
Nike (NYSE:NKE) last released its earnings results on Tuesday, September 24th. The footwear maker reported $0.86 EPS for the quarter, topping the consensus estimate of $0.71 by $0.15. Nike had a return on equity of 47.92% and a net margin of 10.81%. The business had revenue of $10.66 billion during the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter last year, the firm posted $0.67 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts anticipate that Nike Inc will post 2.98 earnings per share for the current fiscal year.
Nike Company Profile
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.
See Also: What is the QQQ ETF?
Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nike Inc (NYSE:NKE).
Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.