Kennon Green & Company LLC Sells 5,344 Shares of NIKE, Inc. $NKE

Kennon Green & Company LLC reduced its stake in shares of NIKE, Inc. (NYSE:NKE) by 35.2% in the second quarter, Holdings Channel reports. The fund owned 9,856 shares of the footwear maker’s stock after selling 5,344 shares during the quarter. Kennon Green & Company LLC’s holdings in NIKE were worth $724,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Mitchell Mcleod Pugh & Williams Inc. raised its stake in NIKE by 1.0% in the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 14,176 shares of the footwear maker’s stock valued at $1,007,000 after acquiring an additional 134 shares during the period. Caldwell Sutter Capital Inc. grew its holdings in NIKE by 6.3% during the 2nd quarter. Caldwell Sutter Capital Inc. now owns 2,390 shares of the footwear maker’s stock valued at $170,000 after buying an additional 142 shares in the last quarter. Westmount Partners LLC lifted its holdings in shares of NIKE by 2.9% in the second quarter. Westmount Partners LLC now owns 5,165 shares of the footwear maker’s stock worth $367,000 after buying an additional 146 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of NIKE by 0.3% in the second quarter. HB Wealth Management LLC now owns 52,012 shares of the footwear maker’s stock valued at $3,695,000 after acquiring an additional 147 shares during the period. Finally, Matrix Trust Co grew its stake in NIKE by 53.1% during the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock valued at $31,000 after acquiring an additional 153 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

NKE has been the topic of several research analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of NIKE in a research report on Friday. Piper Sandler set a $84.00 price target on NIKE and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. BTIG Research began coverage on NIKE in a report on Tuesday. They set a “buy” rating and a $100.00 price objective on the stock. Evercore ISI cut their target price on NIKE from $97.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday, June 24th. Finally, DZ Bank upgraded NIKE from a “hold” rating to a “buy” rating in a research report on Wednesday, October 1st. Three analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and an average price target of $82.21.

Insider Buying and Selling

In other news, EVP Treasure Heinle sold 4,300 shares of the business’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the sale, the executive vice president owned 29,396 shares of the company’s stock, valued at $2,095,052.92. The trade was a 12.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Mark G. Parker sold 86,078 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares in the company, valued at approximately $56,566,938.84. The trade was a 10.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.

NIKE Trading Up 0.4%

NYSE NKE opened at $67.67 on Wednesday. The stock’s fifty day moving average price is $73.52 and its 200-day moving average price is $67.33. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59. The stock has a market cap of $100.03 billion, a P/E ratio of 34.70, a P/E/G ratio of 2.48 and a beta of 1.29. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $84.76.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. As a group, equities analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, September 2nd. NIKE’s payout ratio is currently 82.05%.

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.