Bank of New York Mellon Corp Trims Holdings in NIKE, Inc. $NKE

Bank of New York Mellon Corp trimmed its stake in shares of NIKE, Inc. (NYSE:NKE) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,203,475 shares of the footwear maker’s stock after selling 569,049 shares during the quarter. Bank of New York Mellon Corp’s holdings in NIKE were worth $803,048,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. J. Stern & Co. LLP grew its holdings in NIKE by 49,010.4% during the 4th quarter. J. Stern & Co. LLP now owns 48,054,542 shares of the footwear maker’s stock valued at $3,061,555,000 after buying an additional 47,956,692 shares in the last quarter. Norges Bank bought a new stake in shares of NIKE during the fourth quarter valued at about $829,956,000. Harris Associates L P purchased a new stake in shares of NIKE in the second quarter worth about $621,525,000. Capital World Investors lifted its holdings in shares of NIKE by 16.2% in the fourth quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock worth $3,126,246,000 after buying an additional 6,830,938 shares in the last quarter. Finally, Jasper Ridge Partners L.P. boosted its position in shares of NIKE by 2,492.4% in the fourth quarter. Jasper Ridge Partners L.P. now owns 4,883,229 shares of the footwear maker’s stock valued at $311,111,000 after acquiring an additional 4,694,859 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NKE. Bank of America reduced their price objective on shares of NIKE from $55.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. BTIG Research reiterated a “buy” rating and issued a $55.00 target price on shares of NIKE in a research note on Wednesday, July 1st. Weiss Ratings downgraded shares of NIKE from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, June 8th. Robert W. Baird restated an “outperform” rating and set a $70.00 price target on shares of NIKE in a research report on Wednesday, July 1st. Finally, Williams Trading decreased their price target on shares of NIKE from $80.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.80.

Insider Activity

In other news, EVP Philip Mccartney sold 17,398 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. This represents a 24.67% decrease in their position. The sale was disclosed in a document filed 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. Insiders own 0.80% of the company’s stock.

NIKE Stock Performance

NYSE NKE opened at $44.49 on Friday. NIKE, Inc. has a 52-week low of $40.00 and a 52-week high of $80.17. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.36 and a current ratio of 1.96. The company has a market capitalization of $65.89 billion, a P/E ratio of 21.29, a P/E/G ratio of 2.47 and a beta of 1.12. The company has a fifty day moving average of $43.68 and a 200-day moving average of $51.91.

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

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio 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).