State of Tennessee Treasury Department decreased its holdings in shares of Nike, Inc. (NYSE:NKE) by 4.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 886,701 shares of the footwear maker’s stock after selling 39,562 shares during the period. State of Tennessee Treasury Department owned approximately 0.07% of Nike worth $52,315,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State Street Corp raised its holdings in Nike by 1.4% during the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares during the last quarter. Wellington Management Group LLP raised its holdings in Nike by 5.0% during the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after buying an additional 2,375,447 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Nike by 9.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 12,679,290 shares of the footwear maker’s stock worth $706,617,000 after buying an additional 1,130,409 shares during the last quarter. Edgewood Management LLC raised its holdings in Nike by 3.9% during the first quarter. Edgewood Management LLC now owns 11,873,490 shares of the footwear maker’s stock worth $661,710,000 after buying an additional 441,507 shares during the last quarter. Finally, Polen Capital Management LLC raised its holdings in Nike by 9.0% during the first quarter. Polen Capital Management LLC now owns 11,350,849 shares of the footwear maker’s stock worth $632,583,000 after buying an additional 940,716 shares during the last quarter. Hedge funds and other institutional investors own 62.46% of the company’s stock.
Nike (NYSE:NKE) last posted its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.08 billion. Nike had a return on equity of 31.88% and a net margin of 11.47%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.73 EPS.
Several analysts have recently commented on NKE shares. Jefferies Group LLC downgraded shares of Nike to a “buy” rating in a report on Tuesday, August 29th. Vetr downgraded shares of Nike from a “strong-buy” rating to a “buy” rating and set a $59.57 target price for the company. in a report on Monday, September 4th. Telsey Advisory Group lowered their target price on shares of Nike from $63.00 to $61.00 and set an “outperform” rating for the company in a report on Wednesday, August 30th. Morgan Stanley upgraded shares of Nike from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $56.00 to $68.00 in a report on Wednesday, July 19th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $66.00 target price on shares of Nike in a report on Thursday, August 24th. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating and twenty have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $58.93.
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In related news, Director Johnathan A. Rodgers sold 16,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total transaction of $855,200.00. Following the sale, the director now owns 25,660 shares in the company, valued at approximately $1,371,527. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.90% of the stock is currently owned by corporate insiders.
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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