Gateway Advisory LLC Buys Shares of 6,092 NIKE, Inc. (NYSE:NKE)

Gateway Advisory LLC purchased a new position in shares of NIKE, Inc. (NYSE:NKE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,092 shares of the footwear maker’s stock, valued at approximately $459,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. 9258 Wealth Management LLC increased its stake in NIKE by 23.9% in the fourth quarter. 9258 Wealth Management LLC now owns 4,366 shares of the footwear maker’s stock valued at $474,000 after purchasing an additional 842 shares during the last quarter. Gryphon Financial Partners LLC lifted its holdings in shares of NIKE by 34.6% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,598 shares of the footwear maker’s stock worth $1,259,000 after purchasing an additional 2,981 shares during the period. TrinityPoint Wealth LLC boosted its holdings in shares of NIKE by 0.8% in the fourth quarter. TrinityPoint Wealth LLC now owns 21,561 shares of the footwear maker’s stock valued at $2,341,000 after acquiring an additional 166 shares in the last quarter. Parallel Advisors LLC increased its position in NIKE by 3.9% during the 4th quarter. Parallel Advisors LLC now owns 96,312 shares of the footwear maker’s stock worth $10,457,000 after purchasing an additional 3,597 shares during the period. Finally, Mitchell Sinkler & Starr PA grew its holdings in NIKE by 32.7% during the fourth quarter. Mitchell Sinkler & Starr PA now owns 55,819 shares of the footwear maker’s stock worth $6,060,000 after acquiring an additional 13,765 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on NKE shares. Stifel Nicolaus dropped their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Wedbush lowered their target price on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Oppenheimer reaffirmed an “outperform” rating and set a $120.00 price objective on shares of NIKE in a research note on Friday, June 28th. Royal Bank of Canada cut their target price on NIKE from $100.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 2nd. Finally, Piper Sandler restated a “neutral” rating and set a $80.00 target price on shares of NIKE in a report on Friday. Fifteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus target price of $96.04.

NIKE Trading Down 0.4 %

NIKE stock opened at $86.19 on Tuesday. NIKE, Inc. has a 1 year low of $70.75 and a 1 year high of $123.39. The firm’s 50-day moving average is $78.40 and its 200-day moving average is $86.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The company has a market cap of $130.08 billion, a P/E ratio of 23.11, a PEG ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 11.10% and a return on equity of 42.63%. NIKE’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $0.66 earnings per share. On average, equities analysts expect that NIKE, Inc. will post 3.06 earnings per share for the current year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.72%. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Activity

In related news, Director Robert Holmes Swan acquired 2,941 shares of NIKE stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $77.02 per share, with a total value of $226,515.82. Following the completion of the acquisition, the director now directly owns 20,946 shares of the company’s stock, valued at approximately $1,613,260.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Robert Holmes Swan purchased 2,941 shares of the stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $77.02 per share, for a total transaction of $226,515.82. Following the transaction, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mark G. Parker sold 110,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

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.