Renaissance Technologies LLC Makes New $16.64 Million Investment in NIKE, Inc. $NKE

Renaissance Technologies LLC bought a new position in NIKE, Inc. (NYSE:NKE) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 315,100 shares of the footwear maker’s stock, valued at approximately $16,644,000.

Several other hedge funds and other institutional investors also recently modified their holdings of NKE. Gabelli Funds LLC purchased a new stake in shares of NIKE during the 1st quarter valued at approximately $297,000. GC Wealth Management RIA LLC boosted its holdings in NIKE by 11.4% in the 1st quarter. GC Wealth Management RIA LLC now owns 7,224 shares of the footwear maker’s stock worth $382,000 after buying an additional 740 shares during the period. Public Employees Retirement System of Ohio grew its stake in NIKE by 1.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 472,076 shares of the footwear maker’s stock valued at $24,935,000 after buying an additional 6,088 shares in the last quarter. Caxton Associates LLP bought a new stake in NIKE during the 1st quarter valued at $238,000. Finally, Inceptionr LLC bought a new stake in NIKE during the 1st quarter valued at $1,637,000. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Down 2.2%

NKE opened at $42.28 on Friday. The company has a fifty day moving average price of $43.62 and a 200-day moving average price of $50.42. The firm has a market capitalization of $62.73 billion, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.96 and a quick ratio of 1.36. NIKE, Inc. has a one year low of $40.00 and a one year high of $80.17.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion for the quarter, compared to the consensus estimate of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 earnings per share. Equities research analysts expect that NIKE, Inc. will post 1.74 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio is currently 78.47%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NKE. The Goldman Sachs Group dropped their target price on NIKE from $46.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 1st. BTIG Research reiterated a “buy” rating and set a $55.00 price objective on shares of NIKE in a research note on Wednesday, July 1st. BNP Paribas Exane reissued an “underperform” rating on shares of NIKE in a report on Wednesday, July 22nd. Guggenheim restated a “buy” rating and issued a $60.00 target price (down from $74.00) on shares of NIKE in a research note on Wednesday, July 1st. Finally, Zacks Research lowered NIKE from a “hold” rating to a “strong sell” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nineteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $53.74.

Insider Buying and Selling at NIKE

In other NIKE news, EVP Philip Mccartney sold 17,398 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the sale, the executive vice president owned 53,133 shares of the company’s stock, valued at $2,453,681.94. This trade represents a 24.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.10% of the stock is currently owned by insiders.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).