British Airways Pensions Investment Management Ltd bought a new position in Nike Inc (NYSE:NKE) in the third quarter, HoldingsChannel.com reports. The firm bought 70,879 shares of the footwear maker’s stock, valued at approximately $6,657,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Garrett Wealth Advisory Group LLC acquired a new position in Nike in the 3rd quarter worth $26,000. Marquette Asset Management LLC acquired a new position in shares of Nike during the 3rd quarter worth about $28,000. Hexavest Inc. acquired a new position in shares of Nike during the 2nd quarter worth about $30,000. Litman Gregory Asset Management LLC acquired a new position in shares of Nike during the 2nd quarter worth about $31,000. Finally, KCS Wealth Advisory acquired a new position in shares of Nike during the 3rd quarter worth about $38,000. 65.37% of the stock is owned by hedge funds and other institutional investors.
Shares of NKE stock traded down $0.79 during trading hours on Friday, reaching $89.62. The company had a trading volume of 2,706,070 shares, compared to its average volume of 6,859,548. The business has a fifty day moving average price of $91.74 and a 200-day moving average price of $86.32. Nike Inc has a one year low of $66.53 and a one year high of $96.87. The firm has a market cap of $140.31 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.29 and a current ratio of 2.01.
NKE has been the subject of several recent research reports. Morgan Stanley boosted their target price on shares of Nike from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Deutsche Bank set a $105.00 price objective on shares of Nike and gave the company a “buy” rating in a research note on Monday, October 7th. UBS Group raised their price objective on shares of Nike from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Piper Jaffray Companies raised their price objective on shares of Nike from $97.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. Finally, Robert W. Baird set a $87.00 price objective on shares of Nike and gave the company a “hold” rating in a research note on Monday, September 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $97.07.
In related news, insider Elliott Hill sold 2,770 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $86.96, for a total value of $240,879.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Monique S. Matheson sold 17,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $89.83, for a total transaction of $1,527,110.00. The disclosure for this sale can be found here. In the last three months, insiders sold 436,445 shares of company stock worth $40,260,653. 3.80% of the stock is currently owned by insiders.
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: Momentum Investing
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