Essex Savings Bank Purchases 125 Shares of Nike Inc (NYSE:NKE)

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Essex Savings Bank lifted its position in Nike Inc (NYSE:NKE) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,847 shares of the footwear maker’s stock after purchasing an additional 125 shares during the quarter. Essex Savings Bank’s holdings in Nike were worth $672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NKE. Guggenheim Capital LLC increased its stake in Nike by 25.0% during the fourth quarter. Guggenheim Capital LLC now owns 124,014 shares of the footwear maker’s stock worth $12,564,000 after acquiring an additional 24,832 shares during the last quarter. IMS Capital Management increased its stake in Nike by 10.3% during the first quarter. IMS Capital Management now owns 8,855 shares of the footwear maker’s stock worth $733,000 after acquiring an additional 829 shares during the last quarter. Triangle Securities Wealth Management increased its stake in Nike by 2.1% during the first quarter. Triangle Securities Wealth Management now owns 12,770 shares of the footwear maker’s stock worth $1,057,000 after acquiring an additional 263 shares during the last quarter. TPG Financial Advisors LLC increased its stake in Nike by 22.0% during the first quarter. TPG Financial Advisors LLC now owns 7,777 shares of the footwear maker’s stock worth $643,000 after acquiring an additional 1,400 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Nike by 6.4% during the first quarter. State of Alaska Department of Revenue now owns 322,401 shares of the footwear maker’s stock worth $26,675,000 after acquiring an additional 19,460 shares during the last quarter. 64.46% of the stock is currently owned by institutional investors.

Several equities research analysts have weighed in on NKE shares. Morgan Stanley boosted their price objective on Nike from $119.00 to $121.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Barclays upped their target price on Nike from $92.00 to $118.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Credit Suisse Group cut their target price on Nike from $114.00 to $111.00 and set an “outperform” rating on the stock in a research note on Friday, June 26th. Jefferies Financial Group upped their target price on Nike from $83.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, June 26th. Finally, Oppenheimer started coverage on Nike in a research note on Friday, June 26th. They set a “buy” rating and a $115.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have given a buy rating to the company. Nike presently has an average rating of “Buy” and a consensus price target of $109.36.

Nike stock traded up $0.79 during mid-day trading on Friday, reaching $97.61. 5,510,394 shares of the company were exchanged, compared to its average volume of 4,910,311. The business has a fifty day moving average of $97.47 and a 200 day moving average of $93.09. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.59 and a current ratio of 2.48. The firm has a market cap of $151.03 billion, a P/E ratio of 61.78, a PEG ratio of 2.64 and a beta of 0.80. Nike Inc has a 12-month low of $60.00 and a 12-month high of $105.62.

Nike (NYSE:NKE) last posted its earnings results on Thursday, June 25th. The footwear maker reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.53). The company had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $7.26 billion. Nike had a return on equity of 32.95% and a net margin of 6.79%. The firm’s quarterly revenue was down 38.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS. Sell-side analysts predict that Nike Inc will post 2.25 EPS for the current year.

In other news, Chairman Mark G. Parker sold 165,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $99.14, for a total transaction of $16,358,100.00. Following the transaction, the chairman now directly owns 2,012,954 shares of the company’s stock, valued at $199,564,259.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Andrew Campion sold 60,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $98.00, for a total value of $5,880,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 292,313 shares of company stock worth $28,847,939. Insiders own 3.80% of the company’s stock.

Nike 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.

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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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