Montecito Bank & Trust Reduces Stock Position in NIKE, Inc. (NYSE:NKE)

Montecito Bank & Trust trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE) by 4.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,107 shares of the footwear maker’s stock after selling 392 shares during the period. Montecito Bank & Trust’s holdings in NIKE were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Range Financial Group LLC purchased a new position in NIKE in the fourth quarter valued at approximately $642,000. Cacti Asset Management LLC purchased a new position in shares of NIKE in the 4th quarter valued at $9,987,000. Capricorn Fund Managers Ltd acquired a new stake in NIKE during the 4th quarter worth $5,384,000. FNY Investment Advisers LLC lifted its position in NIKE by 5,745.9% in 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 last quarter. Finally, Eagle Rock Investment Company LLC boosted its stake in NIKE by 49.2% in the fourth quarter. Eagle Rock Investment Company LLC now owns 60,642 shares of the footwear maker’s stock valued at $4,589,000 after acquiring an additional 19,991 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

Shares of NKE opened at $73.60 on Friday. NIKE, Inc. has a 12-month low of $70.32 and a 12-month high of $107.43. The stock has a market cap of $108.86 billion, a P/E ratio of 22.72, a PEG ratio of 2.36 and a beta of 1.02. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $75.52 and a two-hundred day moving average of $77.86.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.15. The firm had revenue of $12.35 billion during the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. As a group, research analysts predict that NIKE, Inc. will post 2.1 EPS for the current fiscal year.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 2nd were paid a $0.40 dividend. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, December 2nd. This represents a $1.60 annualized dividend and a yield of 2.17%. NIKE’s payout ratio is presently 49.38%.

Wall Street Analysts Forecast Growth

NKE has been the topic of a number of research reports. Morgan Stanley lowered their target price on shares of NIKE from $80.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, December 20th. Truist Financial lowered their price target on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $84.00 price objective on shares of NIKE in a research note on Friday, December 20th. TD Cowen lowered their target price on NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, November 18th. Finally, Stifel Nicolaus cut their price target on NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a research note on Friday, December 20th. Fourteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NIKE has a consensus rating of “Moderate Buy” and an average target price of $89.96.

Insider Buying and Selling at NIKE

In other news, Director John W. Rogers, Jr. acquired 2,500 shares of NIKE stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by 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.