Exchange Capital Management Inc. Cuts Stake in NIKE, Inc. (NYSE:NKE)

Exchange Capital Management Inc. lessened its stake in shares of NIKE, Inc. (NYSE:NKE) by 40.2% during the fourth quarter, HoldingsChannel reports. The firm owned 10,883 shares of the footwear maker’s stock after selling 7,306 shares during the period. Exchange Capital Management Inc.’s holdings in NIKE were worth $824,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NKE. Range Financial Group LLC acquired a new position in NIKE during the 4th quarter worth approximately $642,000. Cacti Asset Management LLC acquired a new position in shares of NIKE during the fourth quarter worth $9,987,000. Capricorn Fund Managers Ltd purchased a new position in shares of NIKE in the fourth quarter valued at $5,384,000. Klein Pavlis & Peasley Financial Inc. grew its holdings in NIKE by 31.1% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock valued at $1,955,000 after purchasing an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its stake in NIKE by 5,745.9% during the 4th quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock worth $654,000 after buying an additional 8,504 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Rogers, Jr. acquired 2,500 shares of NIKE stock in a transaction that occurred on Friday, December 27th. The stock was bought at an average cost of $76.65 per share, with a total value of $191,625.00. Following the acquisition, the director now directly owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on NKE. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $72.00 to $90.00 in a research report on Friday, January 10th. DA Davidson raised NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Truist Financial dropped their price objective on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 20th. UBS Group reaffirmed a “neutral” rating and issued a $73.00 target price on shares of NIKE in a research report on Thursday, December 26th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average target price of $89.77.

NIKE Trading Up 2.0 %

Shares of NYSE NKE opened at $81.91 on Wednesday. NIKE, Inc. has a 12-month low of $68.62 and a 12-month high of $106.10. The company has a market cap of $121.15 billion, a price-to-earnings ratio of 25.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.01. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock’s 50 day simple moving average is $74.45 and its 200 day simple moving average is $78.26.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.15. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. During the same period last year, the company earned $1.03 earnings per share. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities research analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 1.95%. NIKE’s dividend payout ratio is presently 49.38%.

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.