PineStone Asset Management Inc. Reduces Stake in NIKE, Inc. (NYSE:NKE)

PineStone Asset Management Inc. cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 52.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,295,652 shares of the footwear maker’s stock after selling 1,420,037 shares during the period. NIKE accounts for 1.1% of PineStone Asset Management Inc.’s portfolio, making the stock its 27th biggest position. PineStone Asset Management Inc. owned approximately 0.09% of NIKE worth $114,536,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Condor Capital Management boosted its position in NIKE by 0.4% during the 1st quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock valued at $2,451,000 after acquiring an additional 116 shares in the last quarter. Nvwm LLC boosted its position in shares of NIKE by 1.0% during the first quarter. Nvwm LLC now owns 11,568 shares of the footwear maker’s stock valued at $1,091,000 after purchasing an additional 120 shares in the last quarter. Garrison Point Advisors LLC grew its stake in NIKE by 1.9% in the third quarter. Garrison Point Advisors LLC now owns 6,704 shares of the footwear maker’s stock worth $593,000 after purchasing an additional 126 shares during the period. Stephens Consulting LLC grew its stake in NIKE by 20.0% in the third quarter. Stephens Consulting LLC now owns 768 shares of the footwear maker’s stock worth $68,000 after purchasing an additional 128 shares during the period. Finally, PSI Advisors LLC raised its holdings in NIKE by 26.3% in the third quarter. PSI Advisors LLC now owns 624 shares of the footwear maker’s stock worth $55,000 after purchasing an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Trading Up 0.9 %

Shares of NYSE:NKE opened at $77.13 on Friday. The stock’s 50-day simple moving average is $82.24 and its two-hundred day simple moving average is $84.61. The stock has a market capitalization of $115.65 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 1.86 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 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm’s revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 earnings per share. Analysts expect that NIKE, Inc. will post 2.74 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NKE. Stifel Nicolaus reduced their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Piper Sandler restated a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a report on Friday, September 20th. Sanford C. Bernstein lowered their target price on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. Wells Fargo & Company upped their price target on NIKE from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Finally, Evercore ISI lowered their price objective on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.56.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

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.