Pinnacle Associates Ltd. Has $2.33 Million Stock Position in NIKE, Inc. (NYSE:NKE)

Pinnacle Associates Ltd. lifted its position in NIKE, Inc. (NYSE:NKE) by 10.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,403 shares of the footwear maker’s stock after buying an additional 2,510 shares during the quarter. Pinnacle Associates Ltd.’s holdings in NIKE were worth $2,334,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bristlecone Advisors LLC lifted its stake in shares of NIKE by 14.3% in the third quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock worth $8,267,000 after buying an additional 11,665 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its stake in shares of NIKE by 44.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 194,101 shares of the footwear maker’s stock worth $17,159,000 after buying an additional 60,008 shares during the last quarter. Lafayette Investments Inc. lifted its stake in shares of NIKE by 90.7% in the third quarter. Lafayette Investments Inc. now owns 46,097 shares of the footwear maker’s stock worth $4,075,000 after buying an additional 21,922 shares during the last quarter. Advisors Asset Management Inc. raised its stake in NIKE by 86.0% during the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after purchasing an additional 9,689 shares during the last quarter. Finally, FORA Capital LLC acquired a new position in NIKE during the 1st quarter valued at $3,412,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on NKE shares. Williams Trading upgraded shares of NIKE from a “sell” rating to a “buy” rating and upped their target price for the company from $67.00 to $93.00 in a research note on Friday, August 16th. Barclays cut their target price on shares of NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 2nd. Guggenheim cut their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Evercore ISI cut their target price on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. Fourteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.56.

NIKE Stock Up 1.2 %

Shares of NYSE:NKE opened at $78.06 on Friday. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The company’s 50-day moving average price is $82.12 and its two-hundred day moving average price is $84.51. The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a market cap of $117.04 billion, a P/E ratio of 22.37, a P/E/G ratio of 1.86 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue was down 10.4% on a year-over-year basis. As a group, research analysts forecast that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

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.