Strait & Sound Wealth Management LLC Trims Stock Holdings in NIKE, Inc. $NKE

Strait & Sound Wealth Management LLC cut its holdings in shares of NIKE, Inc. (NYSE:NKE) by 24.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 5,033 shares of the footwear maker’s stock after selling 1,600 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in NIKE were worth $358,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in NIKE by 388.5% in the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker’s stock valued at $15,316,000 after acquiring an additional 160,980 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of NIKE by 39.1% in the 1st quarter. GAMMA Investing LLC now owns 20,877 shares of the footwear maker’s stock valued at $1,325,000 after purchasing an additional 5,863 shares in the last quarter. Spire Wealth Management lifted its position in shares of NIKE by 4.4% during the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock worth $627,000 after purchasing an additional 416 shares during the last quarter. Golden State Wealth Management LLC grew its stake in NIKE by 143.6% in the first quarter. Golden State Wealth Management LLC now owns 6,321 shares of the footwear maker’s stock worth $402,000 after purchasing an additional 3,726 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in NIKE by 3.5% in the first quarter. Sequoia Financial Advisors LLC now owns 16,500 shares of the footwear maker’s stock valued at $1,047,000 after buying an additional 558 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NKE. The Goldman Sachs Group set a $85.00 target price on NIKE and gave the stock a “buy” rating in a research report on Thursday, September 25th. Citigroup raised shares of NIKE from a “neutral” rating to a “positive” rating in a report on Friday, September 19th. Zacks Research raised shares of NIKE from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of NIKE from $93.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of NIKE in a research note on Saturday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.21.

NIKE Trading Down 0.8%

NIKE stock opened at $69.15 on Friday. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $82.44. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $102.22 billion, a price-to-earnings ratio of 35.46, a PEG ratio of 2.55 and a beta of 1.29. The firm has a 50-day moving average price of $72.38 and a two-hundred day moving average price of $67.88.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. The company had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. NIKE’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 earnings per share. Sell-side analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.3%. NIKE’s payout ratio is presently 82.05%.

Insiders Place Their Bets

In related news, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total value of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at $2,095,052.92. This represents a 12.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the completion of the transaction, the chairman owned 744,988 shares of the company’s stock, valued at $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.80% 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.