Nike Inc (NKE) Position Increased by Mogy Joel R Investment Counsel Inc.
Mogy Joel R Investment Counsel Inc. boosted its stake in Nike Inc (NYSE:NKE) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,776 shares of the footwear maker’s stock after buying an additional 900 shares during the quarter. Nike makes up about 1.4% of Mogy Joel R Investment Counsel Inc.’s investment portfolio, making the stock its 25th largest position. Mogy Joel R Investment Counsel Inc.’s holdings in Nike were worth $9,544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. Bruderman Asset Management LLC acquired a new stake in Nike in the 1st quarter valued at $129,000. Princeton Capital Management LLC acquired a new stake in Nike in the 1st quarter valued at $130,000. Tyvor Capital LLC acquired a new stake in Nike in the 2nd quarter valued at $160,000. Archford Capital Strategies LLC acquired a new position in Nike in the first quarter worth $137,000. Finally, Bray Capital Advisors acquired a new position in Nike in the first quarter worth $167,000. 63.51% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. Morgan Stanley reissued a “buy” rating and issued a $88.00 price objective on shares of Nike in a research note on Friday. TheStreet raised Nike from a “c+” rating to a “b+” rating in a research note on Thursday, June 28th. Atlantic Securities reissued a “buy” rating and issued a $85.00 price objective on shares of Nike in a research note on Friday, June 29th. Robert W. Baird reissued a “buy” rating and issued a $90.00 price objective on shares of Nike in a research note on Friday, June 29th. Finally, Goldman Sachs Group reissued a “neutral” rating and issued a $81.00 price objective on shares of Nike in a research note on Monday, July 2nd. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $77.46.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 28th. The footwear maker reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05. The company had revenue of $9.79 billion during the quarter, compared to the consensus estimate of $9.40 billion. Nike had a return on equity of 36.57% and a net margin of 5.31%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. equities research analysts predict that Nike Inc will post 2.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Tuesday, September 4th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. Nike’s payout ratio is currently 33.06%.
Nike announced that its board has approved a share repurchase plan on Thursday, June 28th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the footwear maker to buy up to 12.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $76.07, for a total value of $760,700.00. Following the completion of the sale, the executive vice president now owns 86,774 shares in the company, valued at $6,600,898.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric D. Sprunk sold 150,000 shares of the company’s stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $79.07, for a total value of $11,860,500.00. Following the completion of the sale, the insider now owns 241,959 shares of the company’s stock, valued at approximately $19,131,698.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 607,778 shares of company stock valued at $46,116,326. 3.90% of the stock is currently owned by corporate insiders.
Nike Company Profile
NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. It offers NIKE brand products in nine categories: running, NIKE basketball, the Jordan brand, football, men's training, women's training, action sports, sportswear, and golf.
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