Sumitomo Mitsui Financial Group Inc. Sells 51,115 Shares of Nike Inc (NKE)
Sumitomo Mitsui Financial Group Inc. lowered its position in Nike Inc (NYSE:NKE) by 62.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,641 shares of the footwear maker’s stock after selling 51,115 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Nike were worth $1,589,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Willingdon Wealth Management acquired a new stake in Nike during the third quarter worth approximately $114,000. Asset Planning Services Ltd. raised its holdings in Nike by 0.3% during the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock worth $126,000 after purchasing an additional 7 shares in the last quarter. Atlantic Trust LLC acquired a new stake in Nike during the second quarter worth approximately $136,000. Howe & Rusling Inc. raised its holdings in Nike by 751.3% during the third quarter. Howe & Rusling Inc. now owns 2,639 shares of the footwear maker’s stock worth $137,000 after purchasing an additional 2,329 shares in the last quarter. Finally, Kistler Tiffany Companies LLC raised its holdings in Nike by 91.7% during the second quarter. Kistler Tiffany Companies LLC now owns 2,527 shares of the footwear maker’s stock worth $149,000 after purchasing an additional 1,209 shares in the last quarter. 62.67% of the stock is currently owned by institutional investors.
In related news, Chairman Mark G. Parker sold 135,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $55.03, for a total value of $7,429,050.00. Following the completion of the transaction, the chairman now owns 1,637,736 shares of the company’s stock, valued at approximately $90,124,612.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric D. Sprunk sold 226,040 shares of the company’s stock in a transaction dated Thursday, December 27th. The shares were sold at an average price of $63.10, for a total transaction of $14,263,124.00. Following the transaction, the chief operating officer now directly owns 165,591 shares of the company’s stock, valued at approximately $10,448,792.10. The disclosure for this sale can be found here. Insiders sold a total of 967,896 shares of company stock valued at $60,257,267 in the last three months. 3.90% of the stock is currently owned by corporate insiders.
Nike (NYSE:NKE) last announced its earnings results on Thursday, December 21st. The footwear maker reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. Nike had a net margin of 11.13% and a return on equity of 31.64%. The firm had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.39 billion. During the same quarter in the previous year, the company posted $0.50 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. equities analysts expect that Nike Inc will post 2.25 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Monday, December 4th were paid a $0.20 dividend. This is an increase from Nike’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, December 1st. This represents a $0.80 annualized dividend and a yield of 1.24%. Nike’s payout ratio is presently 34.63%.
A number of research firms have weighed in on NKE. Citigroup reissued a “buy” rating and set a $74.00 price objective on shares of Nike in a report on Tuesday, December 19th. Canaccord Genuity raised their price objective on shares of Nike from $50.00 to $64.00 and gave the stock a “hold” rating in a report on Tuesday, December 19th. Zacks Investment Research raised shares of Nike from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Tuesday, December 19th. Telsey Advisory Group raised their price objective on shares of Nike from $61.00 to $68.00 and gave the stock an “outperform” rating in a report on Monday, December 18th. Finally, Buckingham Research lifted their target price on shares of Nike from $64.00 to $71.00 and gave the company a “buy” rating in a report on Monday, December 18th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and twenty-one have given a buy rating to the company. Nike presently has a consensus rating of “Hold” and an average price target of $64.40.
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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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