Pekin Hardy Strauss Inc. Grows Position in NIKE, Inc. (NYSE:NKE)

Pekin Hardy Strauss Inc. lifted its stake in NIKE, Inc. (NYSE:NKE) by 2.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,537 shares of the footwear maker’s stock after buying an additional 200 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in NIKE were worth $568,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of NKE. Beta Wealth Group Inc. raised its stake in NIKE by 2.3% during the fourth quarter. Beta Wealth Group Inc. now owns 4,501 shares of the footwear maker’s stock valued at $489,000 after purchasing an additional 101 shares in the last quarter. Kampmann Melissa S. raised its stake in NIKE by 0.8% during the fourth quarter. Kampmann Melissa S. now owns 15,050 shares of the footwear maker’s stock valued at $1,634,000 after purchasing an additional 115 shares in the last quarter. Ascent Wealth Partners LLC raised its stake in NIKE by 0.4% during the first quarter. Ascent Wealth Partners LLC now owns 28,513 shares of the footwear maker’s stock valued at $2,680,000 after purchasing an additional 115 shares in the last quarter. Condor Capital Management raised its stake in NIKE by 0.4% during the first quarter. Condor Capital Management now owns 26,079 shares of the footwear maker’s stock valued at $2,451,000 after purchasing an additional 116 shares in the last quarter. Finally, Bell Investment Advisors Inc raised its stake in NIKE by 4.7% during the fourth quarter. Bell Investment Advisors Inc now owns 2,610 shares of the footwear maker’s stock valued at $283,000 after purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on NKE. Deutsche Bank Aktiengesellschaft decreased their price target on shares of NIKE from $115.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Wedbush reduced their target price on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Truist Financial reduced their target price on shares of NIKE from $99.00 to $81.00 and set a “hold” rating on the stock in a research note on Friday, June 28th. Piper Sandler reissued a “neutral” rating and issued a $80.00 target price on shares of NIKE in a research note on Friday, August 23rd. Finally, The Goldman Sachs Group reduced their target price on shares of NIKE from $118.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Fifteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, NIKE has an average rating of “Moderate Buy” and an average price target of $95.59.

NIKE Stock Up 1.1 %

Shares of NIKE stock opened at $80.64 on Wednesday. The firm’s 50 day moving average price is $77.52 and its 200-day moving average price is $87.32. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. The company has a market cap of $121.71 billion, a P/E ratio of 21.62, a PEG ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The firm had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same quarter in the previous year, the firm earned $0.66 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that NIKE, Inc. will post 3.06 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed 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 1.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. NIKE’s payout ratio is currently 39.68%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Robert Holmes Swan bought 2,941 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the purchase, the director now directly owns 20,946 shares of the company’s stock, valued at $1,613,260.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

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.