Kornitzer Capital Management Inc. KS Purchases 23,337 Shares of NIKE, Inc. $NKE

Kornitzer Capital Management Inc. KS lifted its position in NIKE, Inc. (NYSE:NKE) by 101.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,328 shares of the footwear maker’s stock after buying an additional 23,337 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in NIKE were worth $2,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of NKE. Cedar Mountain Advisors LLC grew its holdings in shares of NIKE by 178.5% in the first quarter. Cedar Mountain Advisors LLC now owns 16,050 shares of the footwear maker’s stock worth $848,000 after acquiring an additional 10,288 shares during the period. Equitable Trust Co. lifted its holdings in NIKE by 6.0% in the first quarter. Equitable Trust Co. now owns 20,574 shares of the footwear maker’s stock valued at $1,087,000 after acquiring an additional 1,159 shares during the period. Summit Securities Group LLC boosted its position in NIKE by 2,262.0% in the first quarter. Summit Securities Group LLC now owns 22,226 shares of the footwear maker’s stock worth $1,174,000 after purchasing an additional 21,285 shares during the last quarter. Mosaic Family Wealth Partners LLC grew its stake in shares of NIKE by 11.2% during the 1st quarter. Mosaic Family Wealth Partners LLC now owns 36,256 shares of the footwear maker’s stock valued at $1,915,000 after purchasing an additional 3,649 shares during the period. Finally, Kestra Advisory Services LLC grew its stake in shares of NIKE by 8.6% during the 1st quarter. Kestra Advisory Services LLC now owns 117,036 shares of the footwear maker’s stock valued at $6,182,000 after purchasing an additional 9,264 shares during the period. Institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling at NIKE

In related news, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president owned 53,133 shares in the company, valued at approximately $2,453,681.94. The trade was a 24.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NKE. Jefferies Financial Group lowered their price objective on shares of NIKE from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings lowered shares of NIKE from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, June 8th. Wells Fargo & Company reduced their target price on shares of NIKE from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, July 1st. DA Davidson downgraded shares of NIKE from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $72.00 to $46.00 in a research report on Thursday, April 2nd. Finally, CICC Research cut shares of NIKE from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $69.00 to $58.00 in a research note on Monday, April 6th. Thirteen analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.80.

NIKE Trading Up 0.0%

NIKE stock opened at $44.39 on Monday. The firm has a 50 day moving average of $43.71 and a 200 day moving average of $52.37. The firm has a market capitalization of $65.73 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 2.56 and a beta of 1.12. NIKE, Inc. has a 12-month low of $40.00 and a 12-month high of $80.17. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The business had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter in the previous year, the firm earned $0.14 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts predict that NIKE, Inc. will post 1.76 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio (DPR) is presently 78.47%.

NIKE Profile

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).