Grimes & Company Inc. Increases Stake in NIKE, Inc. (NYSE:NKE)

Grimes & Company Inc. increased its holdings in shares of NIKE, Inc. (NYSE:NKE) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,071 shares of the footwear maker’s stock after buying an additional 4,194 shares during the period. Grimes & Company Inc.’s holdings in NIKE were worth $8,559,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NKE. Iron Horse Wealth Management LLC increased its stake in NIKE by 120.7% during the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after buying an additional 140 shares during the period. Planned Solutions Inc. purchased a new stake in NIKE during the 4th quarter worth approximately $29,000. True Wealth Design LLC increased its stake in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after buying an additional 150 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in shares of NIKE in the 4th quarter valued at approximately $33,000. Finally, Core Wealth Advisors Inc. increased its position in shares of NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Stock Performance

Shares of NKE stock traded down $18.82 during mid-day trading on Friday, hitting $75.37. The stock had a trading volume of 129,966,982 shares, compared to its average volume of 9,446,953. NIKE, Inc. has a fifty-two week low of $74.55 and a fifty-two week high of $123.39. The firm has a market cap of $113.76 billion, a PE ratio of 20.21, a PEG ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. The company’s 50-day simple moving average is $93.28 and its 200-day simple moving average is $99.00.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The company had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. During the same quarter last year, the business earned $0.66 EPS. The business’s revenue was down 1.6% on a year-over-year basis. Sell-side analysts anticipate that NIKE, Inc. will post 3.9 earnings per share for the current year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be issued a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. NIKE’s dividend payout ratio is presently 39.68%.

Insider Activity

In other news, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the transaction, the executive vice president now owns 44,997 shares in the company, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $102,648,662.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the transaction, the executive vice president now owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The disclosure for this sale can be found here. Insiders sold 213,660 shares of company stock worth $19,946,333 in the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NKE. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price objective (down from $110.00) on shares of NIKE in a research report on Friday, March 22nd. Barclays downgraded shares of NIKE from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $109.00 to $80.00 in a research report on Friday. Jefferies Financial Group dropped their price objective on shares of NIKE from $110.00 to $100.00 and set a “hold” rating on the stock in a research report on Friday, March 22nd. TD Cowen dropped their price objective on shares of NIKE from $89.00 to $75.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Truist Financial dropped their price objective on shares of NIKE from $99.00 to $81.00 and set a “hold” rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, NIKE presently has a consensus rating of “Hold” and a consensus target price of $98.96.

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.