Zacks Investment Management Sells 361,814 Shares of NIKE, Inc. (NYSE:NKE)

Zacks Investment Management lessened its holdings in shares of NIKE, Inc. (NYSE:NKE) by 99.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,498 shares of the footwear maker’s stock after selling 361,814 shares during the quarter. Zacks Investment Management’s holdings in NIKE were worth $265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Range Financial Group LLC bought a new position in shares of NIKE in the fourth quarter worth approximately $642,000. Cacti Asset Management LLC purchased a new position in shares of NIKE during the 4th quarter valued at $9,987,000. Capricorn Fund Managers Ltd bought a new position in NIKE in the 4th quarter worth $5,384,000. Klein Pavlis & Peasley Financial Inc. increased its stake in NIKE by 31.1% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock worth $1,955,000 after buying an additional 6,124 shares in the last quarter. Finally, FNY Investment Advisers LLC raised its holdings in NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock valued at $654,000 after acquiring an additional 8,504 shares during the period. Institutional investors own 64.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NKE. China Renaissance assumed coverage on NIKE in a research report on Wednesday, March 19th. They set a “hold” rating for the company. Cfra Research upgraded shares of NIKE to a “moderate buy” rating in a research report on Friday, March 21st. Morgan Stanley dropped their target price on shares of NIKE from $72.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, March 21st. Piper Sandler reduced their price target on shares of NIKE from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Finally, Jefferies Financial Group upgraded shares of NIKE from a “hold” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $115.00 in a research note on Monday, February 24th. Sixteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.15.

NIKE Stock Up 4.1 %

Shares of NYSE NKE opened at $55.73 on Monday. The stock has a 50 day moving average price of $68.39 and a 200 day moving average price of $73.73. The firm has a market capitalization of $82.44 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.52 and a beta of 1.15. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $98.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The business’s revenue for the quarter was down 9.1% on a year-over-year basis. Sell-side analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE’s payout ratio is 53.16%.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the sale, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Holmes Swan acquired 8,600 shares of NIKE stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $58.46 per share, with a total value of $502,756.00. Following the purchase, the director now owns 31,983 shares in the company, valued at $1,869,726.18. This represents a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by company insiders.

NIKE Profile

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.