State of Michigan Retirement System Reduces Position in NIKE, Inc. (NYSE:NKE)

State of Michigan Retirement System cut its stake in shares of NIKE, Inc. (NYSE:NKE) by 0.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 386,315 shares of the footwear maker’s stock after selling 1,600 shares during the quarter. State of Michigan Retirement System’s holdings in NIKE were worth $36,306,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in NIKE during the fourth quarter valued at $1,315,097,000. Price T Rowe Associates Inc. MD lifted its position in NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares during the period. Capital International Investors lifted its position in NIKE by 34.9% during the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares during the period. Public Employees Retirement Association of Colorado lifted its position in NIKE by 13,094.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,563,253 shares of the footwear maker’s stock valued at $169,722,000 after purchasing an additional 1,551,405 shares during the period. Finally, GUARDCAP ASSET MANAGEMENT Ltd lifted its position in NIKE by 25.5% during the fourth quarter. GUARDCAP ASSET MANAGEMENT Ltd now owns 4,714,494 shares of the footwear maker’s stock valued at $511,853,000 after purchasing an additional 957,612 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Down 1.0 %

NKE traded down $0.77 on Tuesday, hitting $76.06. 26,151,308 shares of the company were exchanged, compared to its average volume of 10,698,846. The firm has a 50-day moving average price of $92.94 and a two-hundred day moving average price of $98.54. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. NIKE, Inc. has a twelve month low of $74.29 and a twelve month high of $123.39. The company has a market cap of $114.80 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities analysts predict that NIKE, Inc. will post 3.9 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Monday, June 3rd. NIKE’s payout ratio is 39.68%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NKE. Royal Bank of Canada decreased their price objective on shares of NIKE from $100.00 to $75.00 and set a “sector perform” rating for the company in a research report on Tuesday. Williams Trading restated a “sell” rating and set a $85.00 price objective (down from $92.00) on shares of NIKE in a research report on Monday, March 18th. StockNews.com lowered shares of NIKE from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $115.00 price target on shares of NIKE in a research report on Thursday, June 13th. Finally, Jefferies Financial Group lowered their price objective on NIKE from $110.00 to $100.00 and set a “hold” rating on the stock in a report on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.04.

Insider Activity at NIKE

In related news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the sale, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now directly owns 20,946 shares in the company, valued at $1,613,260.92. The disclosure for this purchase can be found here. Insiders sold 213,660 shares of company stock valued at $19,946,333 over the last three months. 0.50% of the stock is owned by corporate insiders.

About NIKE

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.