Zacks Investment Research cut shares of adidas AG (NASDAQ:ADDYY) from a buy rating to a hold rating in a report published on Monday.

According to Zacks, “Adidas is a leading brand in the sporting goods market with strong positions in footwear, apparel and hardware. Adidas products offer technological innovations and cutting-edge designs to athletes of all skill levels who aspire to achieve peak performance. The adidas brand is structured in three divisions: Forever Sport, Originals and adidas Equipment. “

Shares of adidas AG (NASDAQ:ADDYY) opened at 78.90 on Monday. The company has a 50-day moving average of $79.10 and a 200 day moving average of $80.70. adidas AG has a 12-month low of $52.46 and a 12-month high of $88.85. The firm has a market capitalization of $31.61 billion and a PE ratio of 30.66.

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A number of institutional investors have recently made changes to their positions in ADDYY. Todd Asset Management LLC acquired a new stake in adidas AG during the second quarter valued at $2,237,000. Sterling Capital Management LLC purchased a new position in shares of adidas AG during the second quarter valued at approximately $249,000. World Asset Management Inc boosted its position in shares of adidas AG by 8.1% in the third quarter. World Asset Management Inc now owns 27,985 shares of the company’s stock valued at $2,429,000 after buying an additional 2,089 shares during the period. WCM Investment Management CA purchased a new position in shares of adidas AG during the third quarter valued at approximately $74,851,000. Finally, Mitchell Capital Management Co. purchased a new position in shares of adidas AG during the third quarter valued at approximately $242,000.

adidas AG Company Profile

adidas AG and its subsidiaries design, develop, produce and market a range of athletic and sports lifestyle products. The Company’s segments include Western Europe; North America; Greater China; Russia/CIS; Latin America; Japan; Middle East, South Korea, Southeast Asia/Pacific (MEAA); TaylorMade-adidas Golf; Reebok-CCM Hockey; Runtastic, and Other centrally managed business.

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