Institute for Wealth Management LLC. Increases Holdings in Nike Inc (NYSE:NKE)

Institute for Wealth Management LLC. increased its position in Nike Inc (NYSE:NKE) by 1.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 15,994 shares of the footwear maker’s stock after purchasing an additional 229 shares during the period. Institute for Wealth Management LLC.’s holdings in Nike were worth $1,568,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Essex Savings Bank lifted its holdings in shares of Nike by 1.9% in the 2nd quarter. Essex Savings Bank now owns 6,847 shares of the footwear maker’s stock valued at $672,000 after purchasing an additional 125 shares during the last quarter. Convergence Investment Partners LLC increased its position in Nike by 6.0% in the 2nd quarter. Convergence Investment Partners LLC now owns 3,215 shares of the footwear maker’s stock valued at $315,000 after acquiring an additional 183 shares during the period. Berkeley Capital Partners LLC increased its position in Nike by 5.0% in the 2nd quarter. Berkeley Capital Partners LLC now owns 5,772 shares of the footwear maker’s stock valued at $566,000 after acquiring an additional 277 shares during the period. Community Bank N.A. increased its position in Nike by 4.6% in the 2nd quarter. Community Bank N.A. now owns 28,562 shares of the footwear maker’s stock valued at $2,801,000 after acquiring an additional 1,267 shares during the period. Finally, EFG Asset Management Americas Corp. acquired a new position in Nike in the 2nd quarter valued at about $4,242,000. 64.46% of the stock is owned by institutional investors and hedge funds.

NYSE NKE traded up $0.79 during trading hours on Friday, hitting $97.61. The company had a trading volume of 5,510,394 shares, compared to its average volume of 4,910,311. Nike Inc has a fifty-two week low of $60.00 and a fifty-two week high of $105.62. The company has a market capitalization of $151.03 billion, a price-to-earnings ratio of 61.78, a P/E/G ratio of 2.64 and a beta of 0.80. The company has a debt-to-equity ratio of 1.53, a current ratio of 2.48 and a quick ratio of 1.59. The firm’s 50 day moving average is $97.47 and its 200 day moving average is $93.09.

Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 25th. The footwear maker reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.53). The company had revenue of $6.31 billion during the quarter, compared to analyst estimates of $7.26 billion. Nike had a net margin of 6.79% and a return on equity of 32.95%. The firm’s revenue for the quarter was down 38.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. On average, equities analysts anticipate that Nike Inc will post 2.25 EPS for the current year.

In other news, CAO Hilary K. Krane sold 11,000 shares of the stock in a transaction dated Tuesday, July 14th. The shares were sold at an average price of $96.33, for a total transaction of $1,059,630.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Andrew Campion sold 60,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $98.00, for a total transaction of $5,880,000.00. The disclosure for this sale can be found here. Insiders have sold 292,313 shares of company stock valued at $28,847,939 over the last 90 days. Insiders own 3.80% of the company’s stock.

A number of research firms recently issued reports on NKE. Oppenheimer began coverage on Nike in a research note on Friday, June 26th. They issued a “buy” rating and a $115.00 target price on the stock. Goldman Sachs Group reaffirmed a “buy” rating and issued a $110.00 target price (up previously from $96.00) on shares of Nike in a research note on Friday, June 26th. Wedbush reissued an “outperform” rating and set a $107.00 price target on shares of Nike in a research note on Friday, June 26th. BTIG Research increased their price target on Nike from $108.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, Zacks Investment Research raised Nike from a “sell” rating to a “hold” rating and set a $108.00 price target on the stock in a research note on Wednesday, June 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $109.36.

About Nike

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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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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