Olstein Capital Management L.P. Makes New Investment in NIKE, Inc. (NYSE:NKE)

Olstein Capital Management L.P. bought a new position in NIKE, Inc. (NYSE:NKE) in the 4th quarter, Holdings Channel reports. The firm bought 64,000 shares of the footwear maker’s stock, valued at approximately $4,843,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in NKE. Range Financial Group LLC bought a new position in NIKE during the 4th quarter worth about $642,000. Cacti Asset Management LLC purchased a new stake in shares of NIKE in the 4th quarter worth approximately $9,987,000. Capricorn Fund Managers Ltd bought a new position in shares of NIKE during the fourth quarter valued at approximately $5,384,000. FNY Investment Advisers LLC increased its holdings in NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock valued at $654,000 after buying an additional 8,504 shares during the period. Finally, Eagle Rock Investment Company LLC raised its stake in NIKE by 49.2% in the fourth quarter. Eagle Rock Investment Company LLC now owns 60,642 shares of the footwear maker’s stock worth $4,589,000 after buying an additional 19,991 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

Insider Transactions at NIKE

In other NIKE news, Director John W. Rogers, Jr. purchased 2,500 shares of NIKE stock in a transaction that occurred on Friday, December 27th. The stock was bought at an average price of $76.65 per share, with a total value of $191,625.00. Following the acquisition, the director now owns 34,403 shares of the company’s stock, valued at $2,636,989.95. This trade represents a 7.84 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NKE shares. UBS Group reaffirmed a “neutral” rating and set a $73.00 target price on shares of NIKE in a research report on Thursday, December 26th. TD Cowen cut their target price on NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, November 18th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Bank of America cut their price objective on shares of NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Finally, Telsey Advisory Group cut shares of NIKE from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $93.00 to $80.00 in a research report on Friday, December 20th. Fourteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, NIKE currently has an average rating of “Moderate Buy” and a consensus target price of $89.96.

NIKE Stock Performance

Shares of NYSE NKE opened at $73.60 on Friday. The stock has a market cap of $108.86 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 2.36 and a beta of 1.02. NIKE, Inc. has a 12 month low of $70.32 and a 12 month high of $107.43. The company has a 50 day simple moving average of $75.45 and a two-hundred day simple moving average of $77.86. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm’s revenue was down 7.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.03 earnings per share. As a group, analysts predict that NIKE, Inc. will post 2.1 earnings per share for the current year.

NIKE Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is currently 49.38%.

NIKE Company Profile

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.