Fred Alger Management LLC Has $521,000 Holdings in NIKE, Inc. (NYSE:NKE)

Fred Alger Management LLC decreased its position in NIKE, Inc. (NYSE:NKE) by 70.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,891 shares of the footwear maker’s stock after selling 13,810 shares during the period. Fred Alger Management LLC’s holdings in NIKE were worth $521,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NKE. Legal & General Group Plc boosted its position in shares of NIKE by 5.5% in the second quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after buying an additional 571,544 shares during the period. Fisher Asset Management LLC lifted its stake in NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after acquiring an additional 583,207 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in NIKE by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,602,534 shares of the footwear maker’s stock worth $760,716,000 after acquiring an additional 117,187 shares during the period. Massachusetts Financial Services Co. MA grew its stake in NIKE by 19.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,209,868 shares of the footwear maker’s stock valued at $637,352,000 after acquiring an additional 1,184,252 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of NIKE by 1,209,638.7% in the 3rd quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock valued at $575,342,000 after purchasing an additional 6,507,856 shares during the period. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NKE has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Barclays dropped their price target on shares of NIKE from $84.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 2nd. Evercore ISI reduced their price objective on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Robert W. Baird upped their target price on NIKE from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, Williams Trading upgraded NIKE from a “sell” rating to a “buy” rating and lifted their price target for the company from $67.00 to $93.00 in a report on Friday, August 16th. Fourteen analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $95.86.

NIKE Stock Performance

Shares of NYSE NKE opened at $78.77 on Monday. The business has a fifty day simple moving average of $80.18 and a 200 day simple moving average of $82.03. The firm has a market capitalization of $118.10 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 1.91 and a beta of 1.03. NIKE, Inc. has a one year low of $70.75 and a one year high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The business had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter last year, the company earned $0.94 EPS. NIKE’s revenue was down 10.4% on a year-over-year basis. Sell-side analysts expect that NIKE, Inc. will post 2.75 EPS for the current year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a dividend of $0.40 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio (DPR) is 42.41%.

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.