Huntington National Bank Lowers Stake in NIKE, Inc. (NYSE:NKE)

Huntington National Bank lessened its stake in NIKE, Inc. (NYSE:NKE) by 4.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 190,623 shares of the footwear maker’s stock after selling 9,506 shares during the period. Huntington National Bank’s holdings in NIKE were worth $16,851,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NKE. Cordatus Wealth Management LLC increased its stake in NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock worth $3,669,000 after buying an additional 6,778 shares during the period. Bristlecone Advisors LLC increased its position in shares of NIKE by 14.3% during the third quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock worth $8,267,000 after acquiring an additional 11,665 shares during the period. WoodTrust Financial Corp raised its stake in shares of NIKE by 19.9% in the third quarter. WoodTrust Financial Corp now owns 98,289 shares of the footwear maker’s stock valued at $8,689,000 after acquiring an additional 16,303 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its holdings in NIKE by 44.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 194,101 shares of the footwear maker’s stock valued at $17,159,000 after purchasing an additional 60,008 shares during the period. Finally, Heritage Investors Management Corp grew its stake in NIKE by 2.6% during the 3rd quarter. Heritage Investors Management Corp now owns 352,199 shares of the footwear maker’s stock worth $31,134,000 after purchasing an additional 9,068 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NKE shares. Sanford C. Bernstein decreased their price objective on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research note on Thursday, September 19th. Truist Financial upgraded shares of NIKE from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $97.00 in a research note on Thursday, October 10th. Guggenheim dropped their price objective on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Bank of America decreased their price objective on shares of NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Finally, Evercore ISI dropped their target price on NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.48.

NIKE Price Performance

NKE stock opened at $75.67 on Friday. The stock’s 50 day moving average price is $81.07 and its 200 day moving average price is $83.44. The firm has a market cap of $113.46 billion, a P/E ratio of 21.68, a PEG ratio of 1.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39.

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

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a dividend of $0.40 per share. This is an increase from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. NIKE’s dividend payout ratio is presently 42.41%.

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.