Mengis Capital Management Inc. grew its position in shares of NIKE, Inc. (NYSE:NKE – Free Report) by 42.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,721 shares of the footwear maker’s stock after purchasing an additional 15,351 shares during the quarter. Mengis Capital Management Inc.’s holdings in NIKE were worth $3,295,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in NKE. Vanguard Group Inc. increased its holdings in NIKE by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 116,993,541 shares of the footwear maker’s stock valued at $7,453,658,000 after buying an additional 1,702,342 shares in the last quarter. State Street Corp raised its position in shares of NIKE by 2.2% in the fourth quarter. State Street Corp now owns 59,315,606 shares of the footwear maker’s stock worth $3,802,807,000 after acquiring an additional 1,275,494 shares during the period. Capital World Investors boosted its stake in shares of NIKE by 16.2% during the 4th quarter. Capital World Investors now owns 49,069,951 shares of the footwear maker’s stock worth $3,126,246,000 after acquiring an additional 6,830,938 shares in the last quarter. J. Stern & Co. LLP boosted its stake in shares of NIKE by 49,010.4% during the 4th quarter. J. Stern & Co. LLP now owns 48,054,542 shares of the footwear maker’s stock worth $3,061,555,000 after acquiring an additional 47,956,692 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of NIKE by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 26,442,879 shares of the footwear maker’s stock valued at $1,677,251,000 after acquiring an additional 233,925 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
NKE has been the subject of several recent analyst reports. Royal Bank Of Canada lowered NIKE from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $70.00 to $50.00 in a research note on Wednesday, June 10th. Piper Sandler reiterated a “neutral” rating and set a $50.00 price target (down from $60.00) on shares of NIKE in a research report on Friday, April 10th. Truist Financial dropped their price objective on NIKE from $69.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Jefferies Financial Group cut their price objective on NIKE from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Finally, Stifel Nicolaus reduced their target price on NIKE from $65.00 to $56.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Fifteen equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.89.
Insider Activity
In other NIKE news, EVP Philip Mccartney sold 17,398 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $46.18, for a total value of $803,439.64. Following the transaction, the executive vice president owned 53,133 shares in the company, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Elliott Hill bought 23,660 shares of the stock in a transaction on Monday, April 13th. The shares were acquired at an average cost of $42.27 per share, for a total transaction of $1,000,108.20. Following the purchase, the chief executive officer owned 265,247 shares in the company, valued at $11,211,990.69. The trade was a 9.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 64,441 shares of company stock valued at $2,734,204 in the last three months. Company insiders own 0.80% of the company’s stock.
Key NIKE News
Here are the key news stories impacting NIKE this week:
- Positive Sentiment: Barclays reiterated a Buy rating on NIKE, which can support sentiment by signaling that analysts still see upside in the stock. Barclays Remains a Buy on Nike (NKE)
- Positive Sentiment: NIKE outperformed the broader market in the latest trading session, suggesting traders may be positioning ahead of upcoming earnings and looking for signs that the turnaround is taking hold. Nike (NKE) Outperforms Broader Market: What You Need to Know
- Positive Sentiment: Coverage highlighted stronger traction in one major market and signs that NIKE’s recovery is gaining momentum, which could improve confidence in the company’s earnings outlook. Headed Into Earnings, Nike Stock Is Trading Lower Than It Was a Decade Ago. But Is the Turnaround Finally Working?
NIKE Stock Up 0.0%
NKE opened at $45.22 on Friday. The company has a market cap of $66.97 billion, a PE ratio of 29.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. NIKE, Inc. has a twelve month low of $41.35 and a twelve month high of $80.17. The company has a 50-day moving average price of $44.39 and a 200 day moving average price of $54.79. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50.
NIKE (NYSE:NKE – Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. NIKE had a return on equity of 16.41% and a net margin of 4.84%.The company had revenue of $11.28 billion for the quarter, compared to analysts’ expectations of $11.23 billion. During the same period in the previous year, the firm posted $0.54 EPS. NIKE’s revenue was up .1% compared to the same quarter last year. Sell-side analysts expect that NIKE, Inc. will post 1.49 earnings per share for the current fiscal year.
NIKE Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, June 1st. NIKE’s payout ratio is presently 108.61%.
NIKE Company Profile
Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.
The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).
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