Sandy Spring Bank Has $10.25 Million Holdings in Nike Inc (NYSE:NKE)
Sandy Spring Bank boosted its holdings in shares of Nike Inc (NYSE:NKE) by 4.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 122,155 shares of the footwear maker’s stock after acquiring an additional 4,852 shares during the quarter. Nike accounts for about 0.8% of Sandy Spring Bank’s investment portfolio, making the stock its 27th largest holding. Sandy Spring Bank’s holdings in Nike were worth $10,254,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Advisory Services Network LLC lifted its holdings in shares of Nike by 16.3% during the 2nd quarter. Advisory Services Network LLC now owns 26,440 shares of the footwear maker’s stock valued at $2,220,000 after buying an additional 3,702 shares during the last quarter. Coastal Investment Advisors Inc. lifted its holdings in shares of Nike by 17.3% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,040 shares of the footwear maker’s stock valued at $338,000 after buying an additional 597 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Nike during the 2nd quarter valued at about $235,000. TD Asset Management Inc. lifted its holdings in shares of Nike by 4.5% during the 2nd quarter. TD Asset Management Inc. now owns 2,445,346 shares of the footwear maker’s stock valued at $205,287,000 after buying an additional 104,263 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in shares of Nike by 1.6% during the 2nd quarter. Wedbush Securities Inc. now owns 28,222 shares of the footwear maker’s stock valued at $2,369,000 after buying an additional 442 shares during the last quarter. Institutional investors and hedge funds own 66.15% of the company’s stock.
NKE has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on Nike from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Bank of America upgraded Nike to an “underperform” rating and boosted their target price for the stock from $60.00 to $70.00 in a report on Monday, June 24th. Stifel Nicolaus set a $96.00 target price on Nike and gave the stock a “buy” rating in a report on Wednesday, August 7th. Piper Jaffray Companies set a $97.00 target price on Nike and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Morgan Stanley boosted their target price on Nike from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. One research 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 stock. Nike has a consensus rating of “Buy” and a consensus price target of $90.02.
Nike (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.04). The business had revenue of $10.18 billion during the quarter, compared to the consensus estimate of $10.15 billion. Nike had a return on equity of 45.12% and a net margin of 10.30%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 earnings per share. As a group, analysts predict that Nike Inc will post 2.9 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.08%. The ex-dividend date is Friday, August 30th. Nike’s dividend payout ratio is currently 35.34%.
In other Nike news, Director Elizabeth J. Comstock sold 24,000 shares of Nike stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $84.84, for a total value of $2,036,160.00. Following the transaction, the director now directly owns 38,813 shares of the company’s stock, valued at approximately $3,292,894.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John F. Slusher sold 110,000 shares of Nike stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $85.26, for a total value of $9,378,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 194,637 shares of company stock worth $16,767,237. Company insiders own 3.80% of the company’s stock.
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: Economic Bubble
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