Fifth Third Bancorp boosted its stake in NIKE, Inc. (NYSE:NKE – Free Report) by 42.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 834,779 shares of the footwear maker’s stock after acquiring an additional 247,487 shares during the quarter. Fifth Third Bancorp’s holdings in NIKE were worth $44,093,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Main Street Financial Solutions LLC grew its stake in shares of NIKE by 4.2% during the second quarter. Main Street Financial Solutions LLC now owns 3,441 shares of the footwear maker’s stock worth $244,000 after buying an additional 139 shares during the last quarter. Diligent Investors LLC lifted its stake in shares of NIKE by 4.3% in the 4th quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker’s stock valued at $237,000 after acquiring an additional 153 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of NIKE by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,978 shares of the footwear maker’s stock valued at $253,000 after acquiring an additional 163 shares during the last quarter. Lakeshore Capital Group Inc. boosted its holdings in shares of NIKE by 2.9% during the 4th quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker’s stock valued at $374,000 after acquiring an additional 165 shares in the last quarter. Finally, ANB Bank boosted its holdings in shares of NIKE by 0.7% during the 4th quarter. ANB Bank now owns 25,451 shares of the footwear maker’s stock valued at $1,621,000 after acquiring an additional 165 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.
NIKE Stock Up 0.0%
Shares of NYSE:NKE opened at $44.39 on Monday. The firm has a market cap of $65.73 billion, a P/E ratio of 21.24, a P/E/G ratio of 2.56 and a beta of 1.12. The company has a quick ratio of 1.36, a current ratio of 1.96 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. The business has a fifty day simple moving average of $43.71 and a 200 day simple moving average of $52.37.
NIKE Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio (DPR) is 78.47%.
Insider Activity at NIKE
In related news, EVP Philip Mccartney sold 17,398 shares of NIKE stock in a transaction that occurred 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 directly owned 53,133 shares of the company’s stock, valued at $2,453,681.94. The trade was a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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. 0.80% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
NKE has been the subject of a number of recent research reports. Guggenheim reaffirmed a “buy” rating and issued a $60.00 target price (down from $74.00) on shares of NIKE in a report on Wednesday, July 1st. Needham & Company LLC reissued a “hold” rating on shares of NIKE in a research note on Thursday, June 4th. Truist Financial reduced their price target on NIKE from $69.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. The Goldman Sachs Group lowered their price objective on NIKE from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, July 1st. Finally, Evercore set a $46.00 price objective on shares of NIKE and gave the company an “in-line” rating in a report on Tuesday, June 23rd. Thirteen analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $54.80.
Get Our Latest Analysis on NIKE
About NIKE
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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