Summit Trail Advisors LLC Raises Stake in NIKE, Inc. (NYSE:NKE)

Summit Trail Advisors LLC increased its position in NIKE, Inc. (NYSE:NKE) by 23.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,699 shares of the footwear maker’s stock after buying an additional 2,594 shares during the period. Summit Trail Advisors LLC’s holdings in NIKE were worth $1,037,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NKE. Price T Rowe Associates Inc. MD raised its holdings in NIKE by 87.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after acquiring an additional 7,996,434 shares during the last quarter. Capital International Investors increased its stake in NIKE by 34.9% in the fourth quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock valued at $2,997,628,000 after purchasing an additional 7,143,775 shares during the last quarter. Longview Partners Guernsey LTD acquired a new position in NIKE in the first quarter valued at $533,533,000. Capital World Investors lifted its position in NIKE by 612.2% during the first quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after buying an additional 4,457,376 shares during the period. Finally, Jennison Associates LLC boosted its stake in NIKE by 45.6% in the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after buying an additional 2,775,510 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NIKE stock opened at $86.52 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. 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 $78.11 and its 200-day simple moving average is $87.06. The firm has a market cap of $130.59 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. NIKE’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Equities analysts forecast that NIKE, Inc. will post 3.06 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, September 3rd. NIKE’s dividend payout ratio is presently 39.68%.

Analysts Set New Price Targets

A number of research firms have recently commented on NKE. Telsey Advisory Group reaffirmed an “outperform” rating and set a $100.00 price objective on shares of NIKE in a research note on Friday. Truist Financial upped their price target on shares of NIKE from $81.00 to $85.00 and gave the stock a “hold” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $92.00 price target on shares of NIKE in a report on Friday. BMO Capital Markets cut their target price on NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a research report on Friday, June 28th. Finally, Bank of America reduced their target price on NIKE from $113.00 to $104.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and an average price target of $96.15.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Mark G. Parker sold 110,000 shares of the 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 sale, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

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.