Lansing Street Advisors Lowers Stock Position in NIKE, Inc. $NKE

Lansing Street Advisors reduced its stake in NIKE, Inc. (NYSE:NKE) by 5.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,477 shares of the footwear maker’s stock after selling 362 shares during the quarter. Lansing Street Advisors’ holdings in NIKE were worth $463,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of NIKE by 4.6% during the first quarter. Vanguard Group Inc. now owns 113,151,080 shares of the footwear maker’s stock worth $7,182,831,000 after purchasing an additional 4,957,494 shares in the last quarter. Wellington Management Group LLP raised its position in NIKE by 24.9% in the 1st quarter. Wellington Management Group LLP now owns 45,383,916 shares of the footwear maker’s stock valued at $2,880,971,000 after purchasing an additional 9,043,180 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of NIKE by 344.2% during the first quarter. Goldman Sachs Group Inc. now owns 26,698,835 shares of the footwear maker’s stock worth $1,694,842,000 after buying an additional 20,688,013 shares during the period. Bank of New York Mellon Corp increased its stake in shares of NIKE by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 20,988,207 shares of the footwear maker’s stock worth $1,332,331,000 after buying an additional 620,214 shares during the period. Finally, Flossbach Von Storch SE grew its holdings in NIKE by 24.0% during the 1st quarter. Flossbach Von Storch SE now owns 10,286,619 shares of the footwear maker’s stock worth $652,995,000 after acquiring an additional 1,988,547 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Down 3.0%

NKE opened at $69.03 on Wednesday. The business has a 50 day moving average price of $74.28 and a two-hundred day moving average price of $67.28. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The company has a market cap of $101.95 billion, a PE ratio of 35.40, a P/E/G ratio of 2.61 and a beta of 1.29. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $84.76.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.27 by $0.22. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The company had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. During the same quarter last year, the business earned $0.70 EPS. The business’s revenue was up 1.0% on a year-over-year basis. As a group, research analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is currently 82.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of NIKE from $80.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, June 27th. Piper Sandler set a $84.00 price target on NIKE and gave the company an “overweight” rating in a research note on Wednesday, October 1st. The Goldman Sachs Group set a $85.00 price target on NIKE and gave the company a “buy” rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a “sell (d+)” rating on shares of NIKE in a report on Saturday, September 27th. Finally, HSBC raised NIKE from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Friday, June 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.57.

Insider Activity

In other NIKE news, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $71.27, for a total transaction of $306,461.00. Following the transaction, the executive vice president directly owned 29,396 shares in the company, valued at approximately $2,095,052.92. This represents a 12.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares in the company, valued at $60,894,276.69. This trade represents a 11.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 200,378 shares of company stock worth $14,794,264 over the last 90 days. 0.80% of the stock is currently owned by company insiders.

NIKE Company 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.