New Mexico Educational Retirement Board cut its holdings in shares of Nike Inc (NYSE:NKE) by 2.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 103,148 shares of the footwear maker’s stock after selling 3,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Nike were worth $8,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in NKE. Joseph P. Lucia & Associates LLC purchased a new position in shares of Nike during the first quarter valued at approximately $25,000. Shamrock Asset Management LLC purchased a new stake in Nike in the first quarter worth about $25,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Nike in the first quarter worth about $25,000. Thor Advisors LLC purchased a new stake in Nike in the first quarter worth about $26,000. Finally, Mackey Komara & Dankovich LLC purchased a new stake in Nike in the first quarter worth about $30,000. 66.41% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have commented on the company. Piper Jaffray Companies set a $97.00 price target on Nike and gave the stock a “buy” rating in a research report on Friday, June 28th. Goldman Sachs Group set a $83.00 price target on Nike and gave the stock a “neutral” rating in a research report on Monday, July 1st. Pivotal Research set a $101.00 price target on Nike and gave the stock a “buy” rating in a research report on Friday, June 28th. Canaccord Genuity restated a “buy” rating and issued a $96.00 price target on shares of Nike in a research report on Wednesday, June 19th. Finally, Morgan Stanley upped their price target on Nike from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $90.02.

In related news, Director Elizabeth J. Comstock sold 24,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $84.84, for a total transaction of $2,036,160.00. Following the completion of the transaction, the director now directly owns 38,813 shares of the company’s stock, valued at $3,292,894.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Hilary K. Krane sold 17,903 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $88.70, for a total value of $1,587,996.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,637 shares of company stock valued at $16,767,237. 3.80% of the stock is owned by corporate insiders.

Nike stock traded up $1.85 during midday trading on Wednesday, reaching $82.38. 325,544 shares of the stock traded hands, compared to its average volume of 6,145,842. The stock’s fifty day moving average is $84.93 and its 200-day moving average is $84.59. Nike Inc has a 12 month low of $66.53 and a 12 month high of $90.00. The stock has a market cap of $128.47 billion, a P/E ratio of 33.05, a PEG ratio of 2.13 and a beta of 0.78. The company has a quick ratio of 1.39, a current ratio of 2.10 and a debt-to-equity ratio of 0.38.

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

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Friday, August 30th. Nike’s payout ratio is presently 35.34%.

Nike Profile

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: What is a Buy-Side Analyst?

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Institutional Ownership by Quarter for Nike (NYSE:NKE)

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