Wetherby Asset Management Inc. Decreases Holdings in Nike Inc (NYSE:NKE)

Wetherby Asset Management Inc. trimmed its holdings in shares of Nike Inc (NYSE:NKE) by 2.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 36,855 shares of the footwear maker’s stock after selling 896 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Nike were worth $3,094,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Joseph P. Lucia & Associates LLC purchased a new stake in Nike in the 1st quarter worth about $25,000. Shamrock Asset Management LLC purchased a new stake in Nike in the 1st quarter worth about $25,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Nike in the 1st quarter worth about $25,000. Thor Advisors LLC purchased a new stake in Nike in the 1st quarter worth about $26,000. Finally, Mackey Komara & Dankovich LLC purchased a new stake in Nike in the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 65.68% of the company’s stock.

Shares of NYSE NKE traded down $2.62 during midday trading on Monday, reaching $78.52. 540,858 shares of the company’s stock traded hands, compared to its average volume of 5,393,963. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.39 and a current ratio of 2.10. The stock’s 50 day moving average is $85.99. Nike Inc has a one year low of $66.53 and a one year high of $90.00. The stock has a market cap of $127.53 billion, a P/E ratio of 31.61, a price-to-earnings-growth ratio of 2.15 and a beta of 0.78.

Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $0.62 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.04). Nike had a net margin of 10.30% and a return on equity of 45.12%. The business had revenue of $10.18 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the prior year, the business posted $0.69 earnings per share. Nike’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts predict that Nike Inc will post 2.9 EPS for the current fiscal year.

In other news, Director John C. Lechleiter sold 5,406 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.13, for a total transaction of $471,024.78. Following the transaction, the director now directly owns 68,457 shares in the company, valued at $5,964,658.41. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Elliott Hill sold 34,100 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $88.34, for a total transaction of $3,012,394.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,637 shares of company stock worth $7,388,637. Insiders own 3.80% of the company’s stock.

A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Nike from a “sell” rating to a “hold” rating and set a $95.00 price objective on the stock in a research report on Monday, May 27th. Macquarie set a $89.00 price objective on shares of Nike and gave the stock a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. increased their price objective on shares of Nike from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. UBS Group set a $85.00 price objective on shares of Nike and gave the stock a “neutral” rating in a research report on Monday, June 17th. Finally, Bank of America raised shares of Nike to an “underperform” rating and increased their price objective for the stock from $60.00 to $70.00 in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $89.86.

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.

Further Reading: How Do Mutual Funds Work?

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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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