Nike Inc (NKE) Position Cut by Lathrop Investment Management Corp

Share on StockTwits

Lathrop Investment Management Corp cut its position in shares of Nike Inc (NYSE:NKE) by 1.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 208,422 shares of the footwear maker’s stock after selling 2,319 shares during the quarter. Nike makes up 4.6% of Lathrop Investment Management Corp’s portfolio, making the stock its 5th largest holding. Lathrop Investment Management Corp’s holdings in Nike were worth $17,658,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Nike by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 27,940,846 shares of the footwear maker’s stock valued at $2,226,327,000 after purchasing an additional 1,273,548 shares in the last quarter. Northern Trust Corp raised its position in shares of Nike by 0.3% in the second quarter. Northern Trust Corp now owns 20,669,184 shares of the footwear maker’s stock valued at $1,646,920,000 after buying an additional 64,030 shares during the last quarter. FMR LLC raised its position in shares of Nike by 1.4% in the second quarter. FMR LLC now owns 15,661,001 shares of the footwear maker’s stock valued at $1,247,869,000 after buying an additional 219,743 shares during the last quarter. Edgewood Management LLC raised its position in shares of Nike by 2.6% in the second quarter. Edgewood Management LLC now owns 15,500,497 shares of the footwear maker’s stock valued at $1,235,080,000 after buying an additional 388,901 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Nike by 26.5% in the second quarter. Jennison Associates LLC now owns 14,740,623 shares of the footwear maker’s stock valued at $1,174,533,000 after buying an additional 3,087,189 shares during the last quarter. 64.49% of the stock is currently owned by hedge funds and other institutional investors.

In other Nike news, EVP Monique S. Matheson sold 17,000 shares of Nike stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $85.00, for a total transaction of $1,445,000.00. Following the completion of the sale, the executive vice president now directly owns 104,737 shares in the company, valued at $8,902,645. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Johnathan A. Rodgers sold 16,000 shares of Nike stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $85.05, for a total transaction of $1,360,800.00. Following the sale, the director now owns 26,963 shares of the company’s stock, valued at $2,293,203.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,000 shares of company stock valued at $4,219,350. Company insiders own 3.90% of the company’s stock.

A number of equities research analysts have recently commented on the stock. Macquarie reiterated a “buy” rating and issued a $87.00 target price on shares of Nike in a research report on Tuesday, July 10th. Piper Jaffray Companies set a $93.00 target price on shares of Nike and gave the company a “buy” rating in a research report on Monday, September 17th. Telsey Advisory Group increased their target price on shares of Nike from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, July 4th. JPMorgan Chase & Co. increased their target price on shares of Nike from $76.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, August 15th. Finally, Wells Fargo & Co set a $82.00 target price on shares of Nike and gave the company a “neutral” rating in a research report on Monday, August 6th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $85.63.

Nike stock opened at $74.51 on Wednesday. Nike Inc has a 12-month low of $54.52 and a 12-month high of $86.04. The stock has a market cap of $114.45 billion, a P/E ratio of 30.79, a PEG ratio of 2.26 and a beta of 0.65. The company has a quick ratio of 1.53, a current ratio of 2.31 and a debt-to-equity ratio of 0.39.

Nike (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 25th. The footwear maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. Nike had a net margin of 5.57% and a return on equity of 40.69%. The business had revenue of $9.95 billion during the quarter, compared to analysts’ expectations of $9.92 billion. During the same period last year, the business earned $0.57 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities research analysts predict that Nike Inc will post 2.62 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, August 31st. Nike’s dividend payout ratio is presently 33.06%.

About Nike

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.

Featured Story: How to Track your Portfolio in Google Finance

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).

Institutional Ownership by Quarter for Nike (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.

Leave a Reply