State of New Jersey Common Pension Fund D Lowers Stock Position in NIKE, Inc. (NYSE:NKE)

State of New Jersey Common Pension Fund D lessened its stake in NIKE, Inc. (NYSE:NKE) by 36.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 446,816 shares of the footwear maker’s stock after selling 253,291 shares during the period. State of New Jersey Common Pension Fund D’s holdings in NIKE were worth $33,677,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Beta Wealth Group Inc. raised its position in NIKE by 2.3% in the fourth quarter. Beta Wealth Group Inc. now owns 4,501 shares of the footwear maker’s stock worth $489,000 after acquiring an additional 101 shares during the period. Kampmann Melissa S. grew its stake in shares of NIKE by 0.8% during the fourth quarter. Kampmann Melissa S. now owns 15,050 shares of the footwear maker’s stock valued at $1,634,000 after buying an additional 115 shares during the last quarter. Ascent Wealth Partners LLC boosted its holdings in shares of NIKE by 0.4% during the first quarter. Ascent Wealth Partners LLC now owns 28,513 shares of the footwear maker’s stock worth $2,680,000 after purchasing an additional 115 shares during the period. Condor Capital Management lifted its position in shares of NIKE by 0.4% in the 1st quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock worth $2,451,000 after purchasing an additional 116 shares during the period. Finally, Bell Investment Advisors Inc grew its stake in NIKE by 4.7% in the fourth quarter. Bell Investment Advisors Inc now owns 2,610 shares of the footwear maker’s stock worth $283,000 after purchasing an additional 118 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Transactions at NIKE

In related news, Director Robert Holmes Swan acquired 2,941 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average cost of $77.02 per share, with a total value of $226,515.82. Following the purchase, the director now owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Robert Holmes Swan purchased 2,941 shares of NIKE stock in a transaction on Friday, June 28th. The stock was purchased at an average cost of $77.02 per share, with a total value of $226,515.82. Following the acquisition, the director now directly owns 20,946 shares in the company, valued at $1,613,260.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

NIKE Price Performance

NKE opened at $78.40 on Friday. The firm has a market cap of $118.33 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 2.11 and a beta of 1.02. The company’s 50-day moving average price is $77.16 and its 200 day moving average price is $88.05. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.63%. NIKE’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company earned $0.66 EPS. As a group, sell-side analysts expect that NIKE, Inc. will post 3.1 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, September 3rd. NIKE’s payout ratio is 39.68%.

Wall Street Analysts Forecast Growth

NKE has been the topic of several recent analyst reports. Bank of America cut their target price on NIKE from $113.00 to $104.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Barclays lowered NIKE from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $109.00 to $80.00 in a research note on Friday, June 28th. Royal Bank of Canada cut their target price on NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 2nd. Citigroup cut their price objective on NIKE from $115.00 to $102.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Telsey Advisory Group dropped their price target on NIKE from $115.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, June 28th. Fourteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $95.59.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.