Washington Trust Bank Acquires New Stake in NIKE, Inc. (NYSE:NKE)

Washington Trust Bank bought a new position in NIKE, Inc. (NYSE:NKE) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,604 shares of the footwear maker’s stock, valued at approximately $319,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of NIKE by 0.5% in the first quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock valued at $10,342,012,000 after buying an additional 501,792 shares during the period. Legal & General Group Plc lifted its holdings in NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock valued at $832,785,000 after acquiring an additional 571,544 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of NIKE by 0.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,025,616 shares of the footwear maker’s stock valued at $454,151,000 after purchasing an additional 52,500 shares in the last quarter. Longview Partners Guernsey LTD acquired a new position in shares of NIKE in the 1st quarter worth approximately $533,533,000. Finally, Capital World Investors grew its stake in shares of NIKE by 612.2% in the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after purchasing an additional 4,457,376 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NKE has been the subject of a number of research reports. Jefferies Financial Group raised their target price on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Monday, September 30th. UBS Group boosted their target price on NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Truist Financial raised NIKE from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Piper Sandler reaffirmed a “neutral” rating and set a $80.00 target price on shares of NIKE in a research note on Friday, September 20th. Finally, Wells Fargo & Company upped their target price on NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, September 20th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $96.56.

NIKE Price Performance

Shares of NKE traded up $0.56 during mid-day trading on Thursday, reaching $75.88. The company had a trading volume of 947,613 shares, compared to its average volume of 11,505,744. The company’s 50-day moving average is $81.68 and its 200-day moving average is $84.07. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The company has a market capitalization of $113.77 billion, a P/E ratio of 21.57, a P/E/G ratio of 1.88 and a beta of 1.03. NIKE, Inc. has a twelve month low of $70.75 and a twelve month high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was down 10.4% on a year-over-year basis. On average, equities analysts anticipate that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE 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.