Highland Capital Management LLC Decreases Stake in Nike Inc (NYSE:NKE)

Highland Capital Management LLC reduced its position in Nike Inc (NYSE:NKE) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 77,896 shares of the footwear maker’s stock after selling 1,693 shares during the period. Highland Capital Management LLC’s holdings in Nike were worth $7,316,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Virtu Financial LLC grew its position in shares of Nike by 682.9% during the 3rd quarter. Virtu Financial LLC now owns 36,822 shares of the footwear maker’s stock valued at $3,458,000 after acquiring an additional 32,119 shares during the period. Chevy Chase Trust Holdings Inc. grew its position in shares of Nike by 3.4% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 1,742,165 shares of the footwear maker’s stock valued at $163,623,000 after acquiring an additional 56,531 shares during the period. SWS Partners bought a new stake in shares of Nike during the 3rd quarter valued at $260,000. Headinvest LLC grew its position in shares of Nike by 3.4% during the 3rd quarter. Headinvest LLC now owns 7,365 shares of the footwear maker’s stock valued at $692,000 after acquiring an additional 239 shares during the period. Finally, MV Capital Management Inc. grew its position in shares of Nike by 5.1% during the 3rd quarter. MV Capital Management Inc. now owns 13,010 shares of the footwear maker’s stock valued at $1,222,000 after acquiring an additional 631 shares during the period. Institutional investors own 65.12% of the company’s stock.

NKE stock traded up $1.26 during mid-day trading on Wednesday, hitting $93.72. The company had a trading volume of 4,456,348 shares, compared to its average volume of 6,409,241. The company has a market capitalization of $145.94 billion, a price-to-earnings ratio of 37.64, a P/E/G ratio of 2.41 and a beta of 0.83. Nike Inc has a 12-month low of $66.53 and a 12-month high of $96.87. The company has a quick ratio of 1.29, a current ratio of 2.01 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average price of $92.32 and a 200 day moving average price of $87.20.

Nike (NYSE:NKE) last announced its earnings results on Tuesday, September 24th. The footwear maker reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.15. The firm had revenue of $10.66 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Nike had a net margin of 10.81% and a return on equity of 47.92%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.67 EPS. As a group, analysts expect that Nike Inc will post 2.97 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.245 per share. This represents a $0.98 annualized dividend and a dividend yield of 1.05%. This is a boost from Nike’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, November 29th. Nike’s dividend payout ratio is currently 39.36%.

In other news, CFO Andrew Campion sold 6,301 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $86.96, for a total transaction of $547,934.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Elliott Hill sold 90,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $92.50, for a total transaction of $8,325,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 601,445 shares of company stock worth $55,696,403 over the last 90 days. Corporate insiders own 3.80% of the company’s stock.

A number of brokerages have recently issued reports on NKE. Raymond James began coverage on shares of Nike in a research report on Tuesday, November 5th. They set an “outperform” rating and a $100.00 price objective for the company. Needham & Company LLC set a $98.00 price objective on shares of Nike and gave the company a “buy” rating in a research report on Friday, October 11th. Stifel Nicolaus set a $106.00 price objective on shares of Nike and gave the company a “buy” rating in a research report on Friday, October 11th. Bank of America raised shares of Nike from an “underperform” rating to a “neutral” rating and set a $98.00 price objective for the company in a research report on Monday, October 14th. Finally, DZ Bank reaffirmed a “sell” rating on shares of Nike in a report on Wednesday, September 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $97.69.

Nike Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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