NIKE, Inc. $NKE Stake Cut by Summit Global Investments

Summit Global Investments reduced its holdings in NIKE, Inc. (NYSE:NKE) by 67.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 5,849 shares of the footwear maker’s stock after selling 12,064 shares during the quarter. Summit Global Investments’ holdings in NIKE were worth $408,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Mascoma Wealth Management LLC acquired a new position in NIKE during the 2nd quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of NIKE during the second quarter valued at $31,000. NewSquare Capital LLC boosted its holdings in shares of NIKE by 54.4% during the second quarter. NewSquare Capital LLC now owns 732 shares of the footwear maker’s stock valued at $52,000 after acquiring an additional 258 shares during the period. Field & Main Bank grew its position in shares of NIKE by 36.4% during the second quarter. Field & Main Bank now owns 750 shares of the footwear maker’s stock worth $53,000 after acquiring an additional 200 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new stake in shares of NIKE in the 3rd quarter worth about $57,000. Institutional investors own 64.25% of the company’s stock.

Insider Transactions at NIKE

In other NIKE news, Director Robert Holmes Swan bought 8,691 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was bought at an average cost of $57.54 per share, with a total value of $500,080.14. Following the completion of the transaction, the director directly owned 43,293 shares of the company’s stock, valued at approximately $2,491,079.22. The trade was a 25.12% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Elliott Hill acquired 16,388 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The stock was acquired at an average price of $61.10 per share, with a total value of $1,001,306.80. Following the completion of the acquisition, the chief executive officer directly owned 241,587 shares of the company’s stock, valued at $14,760,965.70. This represents a 7.28% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 91,229 shares of company stock valued at $5,452,640 in the last ninety days. 0.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NKE has been the subject of several analyst reports. BNP Paribas Exane reduced their price objective on NIKE from $38.00 to $35.00 and set an “underperform” rating for the company in a research report on Friday, December 19th. Piper Sandler set a $75.00 target price on NIKE and gave the company an “overweight” rating in a research note on Friday, December 19th. Needham & Company LLC cut NIKE from a “buy” rating to a “hold” rating in a research note on Thursday, January 8th. Truist Financial set a $69.00 price target on NIKE in a report on Wednesday, January 14th. Finally, DZ Bank restated a “buy” rating on shares of NIKE in a research note on Friday, December 19th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.61.

NIKE Stock Performance

Shares of NKE opened at $61.84 on Friday. The company has a 50-day moving average of $63.96 and a two-hundred day moving average of $68.67. The stock has a market cap of $91.55 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 3.20 and a beta of 1.28. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.06 and a quick ratio of 1.40. NIKE, Inc. has a one year low of $52.28 and a one year high of $82.44.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, December 18th. The footwear maker reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. NIKE had a return on equity of 18.43% and a net margin of 5.43%.The business had revenue of $12.43 billion for the quarter, compared to the consensus estimate of $12.19 billion. During the same quarter in the previous year, the company posted $0.78 earnings per share. NIKE’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 1st were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from NIKE’s previous quarterly dividend of $0.40. NIKE’s dividend payout ratio (DPR) is presently 96.47%.

NIKE Company Profile

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).