Strs Ohio Decreases Holdings in NIKE, Inc. $NKE

Strs Ohio trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 4.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 289,719 shares of the footwear maker’s stock after selling 12,474 shares during the quarter. Strs Ohio’s holdings in NIKE were worth $15,303,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Mitchell & Pahl Private Wealth LLC grew its holdings in shares of NIKE by 24.3% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 28,343 shares of the footwear maker’s stock valued at $1,497,000 after purchasing an additional 5,547 shares during the last quarter. CHICAGO TRUST Co NA lifted its stake in NIKE by 20.9% in the first quarter. CHICAGO TRUST Co NA now owns 5,025 shares of the footwear maker’s stock worth $265,000 after purchasing an additional 868 shares during the last quarter. Lindsell Train Ltd boosted its position in NIKE by 2.0% during the first quarter. Lindsell Train Ltd now owns 20,800 shares of the footwear maker’s stock valued at $1,099,000 after buying an additional 400 shares during the period. Whelan Financial boosted its position in NIKE by 13.0% during the first quarter. Whelan Financial now owns 11,923 shares of the footwear maker’s stock valued at $630,000 after buying an additional 1,369 shares during the period. Finally, USS Investment Management Ltd grew its stake in shares of NIKE by 5.4% during the first quarter. USS Investment Management Ltd now owns 220,237 shares of the footwear maker’s stock valued at $11,636,000 after buying an additional 11,227 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE News Summary

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: NIKE’s fiscal Q4 results beat analyst expectations, with revenue and EPS coming in ahead of forecasts, which has helped support the shares and reinforced hopes that the turnaround is starting to take hold. Stock Market Today, July 1: Nike Jumps After Quarterly Results Beat Analyst Estimates
• Positive Sentiment: Several commentaries argue the recent selloff may have gone too far, with some analysts and market watchers calling NIKE a rebound candidate after a difficult year. Prediction: Nike Stock Set for 25% Rebound After Brutal Year
• Neutral Sentiment: Reports highlight that NIKE’s digital sales fell while the company continues shifting its mix between direct-to-consumer and wholesale channels, suggesting the turnaround is still incomplete. Nike Digital Drops 12% as Brands Rebalance D2C and Wholesale
• Negative Sentiment: Barclays reportedly cut its price target on NIKE, signaling lower near-term expectations from one of the long-time bullish banks on the name. Barclays cuts Nike stock price target from $67 to $52
• Negative Sentiment: 7-Eleven filed a trademark lawsuit accusing NIKE of copying branding elements in an upcoming Air Max 95 design, adding legal overhang and potential distraction for the company. 7-Eleven sues Nike over alleged Air Max 95 design infringing brand colors

Insider Transactions at NIKE

In other NIKE news, Director John W. Rogers, Jr. acquired 4,000 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were purchased at an average cost of $43.34 per share, for a total transaction of $173,360.00. Following the transaction, the director owned 41,022 shares in the company, valued at $1,777,893.48. This represents a 10.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Philip Mccartney sold 17,398 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $46.18, for a total value of $803,439.64. Following the transaction, the executive vice president directly owned 53,133 shares in the company, valued at $2,453,681.94. This trade represents a 24.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders purchased 64,441 shares of company stock worth $2,734,204. Corporate insiders own 0.80% of the company’s stock.

NIKE Stock Performance

Shares of NYSE:NKE opened at $44.12 on Friday. The company has a market cap of $65.34 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 2.49 and a beta of 1.12. The company has a 50-day moving average price of $43.86 and a 200-day moving average price of $53.16. The company has a current ratio of 1.96, a quick ratio of 1.45 and a debt-to-equity ratio of 0.40. NIKE, Inc. has a 12 month low of $40.00 and a 12 month high of $80.17.

NIKE (NYSE:NKE) last posted its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The company had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. NIKE’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. As a group, equities analysts anticipate that NIKE, Inc. will post 1.8 EPS for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were issued a $0.41 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.64 annualized dividend and a yield of 3.7%. NIKE’s dividend payout ratio (DPR) is 78.47%.

Analysts Set New Price Targets

NKE has been the topic of several analyst reports. Telsey Advisory Group set a $47.00 price objective on NIKE and gave the stock a “market perform” rating in a report on Wednesday. Citigroup dropped their target price on NIKE from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Piper Sandler decreased their price target on NIKE from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday. Guggenheim reaffirmed a “buy” rating and issued a $60.00 price target (down from $74.00) on shares of NIKE in a research note on Wednesday. Finally, Barclays lowered their price objective on NIKE from $67.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday. Fourteen research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $55.42.

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).