Pittenger & Anderson Inc. Grows Position in Nike Inc (NYSE:NKE)
Pittenger & Anderson Inc. boosted its stake in Nike Inc (NYSE:NKE) by 1.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,130 shares of the footwear maker’s stock after acquiring an additional 1,130 shares during the period. Pittenger & Anderson Inc.’s holdings in Nike were worth $6,305,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of NKE. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund purchased a new stake in Nike in the 2nd quarter valued at approximately $582,000. Bridges Investment Management Inc. boosted its stake in shares of Nike by 4.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 47,525 shares of the footwear maker’s stock worth $3,787,000 after acquiring an additional 1,825 shares in the last quarter. Jafra Capital Management LP purchased a new stake in shares of Nike during the 2nd quarter worth approximately $1,323,000. Moneta Group Investment Advisors LLC boosted its stake in shares of Nike by 128,746.3% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 69,577 shares of the footwear maker’s stock worth $1,025,000 after acquiring an additional 69,523 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Nike by 2,820.1% during the 2nd quarter. Millennium Management LLC now owns 1,169,503 shares of the footwear maker’s stock worth $93,186,000 after acquiring an additional 1,129,453 shares in the last quarter. Hedge funds and other institutional investors own 63.97% of the company’s stock.
NYSE:NKE opened at $80.12 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.31 and a quick ratio of 1.53. The stock has a market capitalization of $135.60 billion, a price-to-earnings ratio of 33.11, a PEG ratio of 2.81 and a beta of 0.65. Nike Inc has a 1-year low of $50.35 and a 1-year high of $86.04.
Nike declared that its Board of Directors has approved a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the footwear maker to reacquire up to 12.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th were given a $0.20 dividend. The ex-dividend date was Friday, August 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.00%. Nike’s payout ratio is currently 33.06%.
In other Nike news, insider Elliott Hill sold 5,741 shares of the company’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $78.17, for a total value of $448,773.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Monique S. Matheson sold 10,000 shares of the company’s stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $76.07, for a total transaction of $760,700.00. Following the completion of the transaction, the executive vice president now directly owns 86,774 shares of the company’s stock, valued at $6,600,898.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,778 shares of company stock valued at $5,969,246. 3.90% of the stock is currently owned by corporate insiders.
NKE has been the topic of several research analyst reports. Wedbush boosted their price target on Nike from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Monday, September 10th. Wells Fargo & Co set a $82.00 price target on Nike and gave the stock a “neutral” rating in a research note on Tuesday, September 4th. HSBC set a $92.00 price target on Nike and gave the stock a “buy” rating in a research note on Thursday, September 6th. Morgan Stanley set a $103.00 price target on Nike and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Finally, Piper Jaffray Companies raised Nike from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $72.00 to $93.00 in a research note on Monday, August 20th. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $84.60.
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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