Fifth Third Bancorp Reduces Stock Position in NIKE, Inc. $NKE

Fifth Third Bancorp cut its holdings in NIKE, Inc. (NYSE:NKE) by 6.7% during the second quarter, Holdings Channel reports. The institutional investor owned 778,646 shares of the footwear maker’s stock after selling 56,133 shares during the period. Fifth Third Bancorp’s holdings in NIKE were worth $31,963,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bank Hapoalim BM boosted its position in shares of NIKE by 26.9% during the 2nd quarter. Bank Hapoalim BM now owns 38,702 shares of the footwear maker’s stock worth $1,589,000 after acquiring an additional 8,200 shares in the last quarter. North Dakota State Investment Board increased its holdings in shares of NIKE by 15.6% in the 2nd quarter. North Dakota State Investment Board now owns 38,734 shares of the footwear maker’s stock valued at $1,590,000 after acquiring an additional 5,217 shares during the last quarter. Eaton Financial Holdings Company LLC raised its position in shares of NIKE by 44.9% during the 2nd quarter. Eaton Financial Holdings Company LLC now owns 26,756 shares of the footwear maker’s stock worth $1,098,000 after acquiring an additional 8,289 shares in the last quarter. Fox Run Management L.L.C. raised its position in shares of NIKE by 38.2% during the 2nd quarter. Fox Run Management L.L.C. now owns 26,568 shares of the footwear maker’s stock worth $1,091,000 after acquiring an additional 7,343 shares in the last quarter. Finally, Nicholas Hoffman & Company LLC. purchased a new stake in NIKE during the second quarter worth approximately $796,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Performance

NYSE:NKE opened at $40.73 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.96 and a quick ratio of 1.36. The firm has a market cap of $60.42 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. The firm’s fifty day moving average price is $42.90 and its 200 day moving average price is $48.73. NIKE, Inc. has a 1-year low of $40.00 and a 1-year high of $80.17.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The company had revenue of $10.97 billion during the quarter, compared to the consensus estimate of $10.85 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. NIKE’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts expect that NIKE, Inc. will post 1.74 EPS for the current year.

NIKE Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, September 1st. NIKE’s payout ratio is 78.47%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Robert W. Baird reaffirmed an “outperform” rating and issued a $70.00 price target on shares of NIKE in a report on Wednesday, July 1st. Stifel Nicolaus set a $45.00 price objective on shares of NIKE and gave the stock a “hold” rating in a report on Wednesday, July 1st. Royal Bank Of Canada restated a “neutral” rating on shares of NIKE in a research report on Wednesday, July 1st. Oppenheimer lowered their target price on shares of NIKE from $120.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, June 26th. Finally, DZ Bank restated a “buy” rating on shares of NIKE in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $53.53.

Insider Activity

In related news, EVP Philip Mccartney sold 17,398 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the completion of the transaction, the executive vice president directly owned 53,133 shares of the company’s stock, valued at $2,453,681.94. This represents a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Also, COO Venkatesh Alagirisamy sold 890 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $41.60, for a total transaction of $37,024.00. Following the completion of the sale, the chief operating officer owned 74,820 shares of the company’s stock, valued at approximately $3,112,512. The trade was a 1.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 26,142 shares of company stock valued at $1,169,380. Company insiders own 1.10% of the company’s stock.

NIKE Profile

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).