Spinnaker Trust Trims Stock Position in NIKE, Inc. (NYSE:NKE)

Spinnaker Trust cut its position in NIKE, Inc. (NYSE:NKE) by 85.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,372 shares of the footwear maker’s stock after selling 43,917 shares during the quarter. Spinnaker Trust’s holdings in NIKE were worth $556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in NIKE during the fourth quarter valued at $1,315,097,000. Price T Rowe Associates Inc. MD grew its holdings in shares of NIKE by 87.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock worth $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Capital International Investors raised its stake in NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Longview Partners Guernsey LTD bought a new stake in NIKE during the first quarter valued at approximately $533,533,000. Finally, Capital World Investors lifted its holdings in shares of NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after acquiring an additional 4,457,376 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

NIKE Stock Up 0.1 %

NKE traded up $0.06 on Friday, hitting $83.32. The company had a trading volume of 13,755,265 shares, compared to its average volume of 11,371,491. The stock has a fifty day simple moving average of $77.91 and a 200-day simple moving average of $89.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.40 and a quick ratio of 1.69. The firm has a market capitalization of $124.93 billion, a P/E ratio of 22.34, a P/E/G ratio of 2.19 and a beta of 1.01. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39.

NIKE (NYSE:NKE) last released its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. As a group, equities analysts expect that NIKE, Inc. will post 3.1 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Tuesday, September 3rd. NIKE’s dividend payout ratio is presently 39.68%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Guggenheim lowered their price target on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Barclays cut NIKE from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $109.00 to $80.00 in a report on Friday, June 28th. Wells Fargo & Company cut their target price on NIKE from $115.00 to $92.00 and set an “overweight” rating for the company in a research note on Friday, June 28th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $83.00 price target (down from $116.00) on shares of NIKE in a research note on Friday, June 28th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, August 23rd. Fifteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.59.

Insider Buying and Selling

In other NIKE news, Director Robert Holmes Swan acquired 2,941 shares of the business’s stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the completion of the acquisition, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert Holmes Swan purchased 2,941 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is owned by company insiders.

NIKE Company 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.