Capital Insight Partners LLC Reduces Stake in Nike, Inc. (NKE)
Capital Insight Partners LLC decreased its position in Nike, Inc. (NYSE:NKE) by 0.6% during the second quarter, Holdings Channel reports. The firm owned 19,118 shares of the footwear maker’s stock after selling 110 shares during the period. Capital Insight Partners LLC’s holdings in Nike were worth $1,128,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. V Wealth Management LLC purchased a new position in Nike during the second quarter worth $100,000. Crestwood Advisors Group LLC purchased a new position in Nike during the first quarter worth $117,000. Webster Bank N. A. increased its position in Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock worth $117,000 after buying an additional 900 shares during the period. Gierl Augustine Investment Management Inc increased its position in Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock worth $118,000 after buying an additional 107 shares during the period. Finally, Asset Planning Services Ltd. purchased a new position in Nike during the first quarter worth $118,000. 64.77% of the stock is owned by hedge funds and other institutional investors.
Nike, Inc. (NYSE:NKE) traded down 1.00% during mid-day trading on Thursday, reaching $59.30. The company had a trading volume of 2,260,212 shares. The stock has a 50 day moving average price of $57.59 and a 200-day moving average price of $55.54. Nike, Inc. has a 12-month low of $49.01 and a 12-month high of $60.53. The stock has a market capitalization of $97.44 billion, a P/E ratio of 23.63 and a beta of 0.59.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 EPS. Equities analysts anticipate that Nike, Inc. will post $2.42 EPS for the current fiscal year.
NKE has been the subject of a number of recent research reports. Berenberg Bank initiated coverage on Nike in a research report on Tuesday, May 16th. They set a “buy” rating and a $70.00 price target for the company. Instinet reaffirmed a “buy” rating on shares of Nike in a research report on Monday, May 15th. Nomura reaffirmed a “buy” rating on shares of Nike in a research report on Monday, May 15th. Jefferies Group LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Nike in a research report on Monday, May 15th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $64.00 price target on shares of Nike in a research report on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-two have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $61.04.
In other news, CFO Andrew Campion sold 96,243 shares of the stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the transaction, the chief financial officer now directly owns 50,246 shares in the company, valued at approximately $2,847,943.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total value of $11,526,000.00. Following the transaction, the insider now owns 729,610 shares in the company, valued at $42,047,424.30. The disclosure for this sale can be found here. Insiders sold a total of 492,360 shares of company stock worth $28,485,174 over the last 90 days. Corporate insiders own 3.90% of the company’s stock.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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