Bright Rock Capital Boosts NIKE Stake by 100% in Third Quarter

Bright Rock Capital Management LLC significantly increased its stake in NIKE, Inc. (NYSE:NKE) during the third quarter, acquiring an additional 199,000 shares. This move doubled the firm's holding, bringing its total to 398,000 shares. NIKE now represents approximately 2.7% of Bright Rock Capital Management's portfolio, making it the company's 10th largest position. As of the most recent SEC filing, these holdings were valued at $14,089,000.

Other institutional investors also adjusted their positions in NIKE. Rockland Trust Co. increased its stake by 14.9%, while Confluence Investment Management LLC boosted its position by 873.8% during the third quarter. QRG Capital Management Inc. lifted its stake by 8.5% in the second quarter, and Envestnet Portfolio Solutions Inc. increased its position by 214.0%. Envestnet Asset Management Inc. grew its stake by 98.4% during the same period. Institutional investors collectively own 64.25% of the company's stock.

Shares of NIKE traded down 0.8% on Monday, reaching $33.59. The company reported a 12-month low of $31.97 and a high of $72.39. NIKE's market cap stands at $49.84 billion, with a P/E ratio of 16.17 and a PEG ratio of 2.58. The stock has a beta of 1.09, a quick ratio of 1.39, and a current ratio of 2.07. The company's fifty-day moving average price is $38.88, and its 200-day moving average is $42.79.

NIKE recently announced its earnings results, reporting $0.48 EPS for the quarter, beating the consensus estimate of $0.43. However, revenue of $11.21 billion fell short of analysts' expectations of $11.32 billion, representing a 4.3% year-over-year decline. The company also declared a quarterly dividend of $0.41 per share, paid on October 1st. Insider activity included CFO Matthew Friend selling 2,463 shares and Amy Montagne selling 4,867 shares.