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

Huntington National Bank trimmed its stake in NIKE, Inc. (NYSE:NKE) by 4.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 190,623 shares of the footwear maker’s stock after selling 9,506 shares during the quarter. Huntington National Bank’s holdings in NIKE were worth $16,851,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Summit Asset Management LLC acquired a new stake in shares of NIKE during the 3rd quarter worth $228,000. Cable Hill Partners LLC increased its stake in NIKE by 27.6% during the third quarter. Cable Hill Partners LLC now owns 33,751 shares of the footwear maker’s stock worth $2,996,000 after acquiring an additional 7,308 shares during the last quarter. Mizuho Securities Co. Ltd. increased its stake in NIKE by 372.3% during the third quarter. Mizuho Securities Co. Ltd. now owns 2,220 shares of the footwear maker’s stock worth $196,000 after acquiring an additional 1,750 shares during the last quarter. ICICI Prudential Asset Management Co Ltd raised its holdings in shares of NIKE by 12.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 111,580 shares of the footwear maker’s stock worth $9,864,000 after purchasing an additional 12,330 shares during the period. Finally, Kovack Advisors Inc. acquired a new position in shares of NIKE in the 3rd quarter valued at about $612,000. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NIKE stock opened at $75.67 on Friday. The firm has a market cap of $113.46 billion, a PE ratio of 21.68, a price-to-earnings-growth ratio of 1.86 and a beta of 1.03. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39. The firm’s 50-day simple moving average is $81.07 and its 200-day simple moving average is $83.44. 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 (NYSE:NKE) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. The firm had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Equities analysts forecast 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 a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.11%. NIKE’s dividend payout ratio (DPR) is 42.41%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of NIKE from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Evercore ISI dropped their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Piper Sandler restated a “neutral” rating and set a $80.00 target price on shares of NIKE in a report on Friday, September 20th. Jefferies Financial Group increased their price target on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a report on Monday, September 30th. Finally, Daiwa America lowered NIKE from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $96.48.

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.