RK Asset Management LLC Buys New Shares in NIKE, Inc. (NYSE:NKE)

RK Asset Management LLC bought a new stake in NIKE, Inc. (NYSE:NKE) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 59,268 shares of the footwear maker’s stock, valued at approximately $5,239,000. NIKE makes up about 4.0% of RK Asset Management LLC’s investment portfolio, making the stock its 14th largest holding.

A number of other hedge funds have also added to or reduced their stakes in NKE. Price T Rowe Associates Inc. MD grew its position in NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Longview Partners Guernsey LTD acquired a new stake in NIKE in the first quarter valued at $533,533,000. Capital World Investors lifted its stake in NIKE by 612.2% in the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock valued at $487,327,000 after acquiring an additional 4,457,376 shares during the last quarter. Jennison Associates LLC lifted its stake in NIKE by 45.6% in the first quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock valued at $832,623,000 after acquiring an additional 2,775,510 shares during the last quarter. Finally, PineStone Asset Management Inc. lifted its stake in NIKE by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock valued at $204,681,000 after acquiring an additional 1,576,049 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada cut their target price on shares of NIKE from $85.00 to $82.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 2nd. KeyCorp restated a “sector weight” rating on shares of NIKE in a research note on Friday, June 28th. JPMorgan Chase & Co. cut their target price on shares of NIKE from $80.00 to $77.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their target price on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Finally, TD Cowen raised their target price on shares of NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.04.

NIKE Price Performance

NKE stock traded down $1.42 during midday trading on Monday, reaching $80.83. 11,684,276 shares of the stock were exchanged, compared to its average volume of 11,783,580. The stock has a market capitalization of $122.00 billion, a PE ratio of 21.57, a P/E/G ratio of 2.30 and a beta of 1.02. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $123.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The company has a fifty day moving average price of $80.90 and a 200 day moving average price of $86.05.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, analysts expect that NIKE, Inc. will post 3.04 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were given a $0.37 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.83%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Buying and Selling at NIKE

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were 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 in the company, valued at $80,419,507.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

About NIKE

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.