First Citizens Bank & Trust Co. Increases Stock Position in NIKE, Inc. (NYSE:NKE)

First Citizens Bank & Trust Co. increased its stake in NIKE, Inc. (NYSE:NKE) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 79,999 shares of the footwear maker’s stock after purchasing an additional 1,393 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in NIKE were worth $5,078,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JNBA Financial Advisors grew its stake in NIKE by 1.3% during the 4th quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock valued at $760,000 after purchasing an additional 131 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in shares of NIKE by 0.7% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock worth $1,547,000 after purchasing an additional 136 shares during the period. Elgethun Capital Management boosted its position in NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock valued at $94,000 after buying an additional 149 shares during the last quarter. Game Plan Financial Advisors LLC boosted its position in NIKE by 11.1% in the fourth quarter. Game Plan Financial Advisors LLC now owns 1,500 shares of the footwear maker’s stock valued at $114,000 after buying an additional 150 shares during the last quarter. Finally, AlTi Global Inc. increased its holdings in NIKE by 0.4% in the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker’s stock worth $2,813,000 after buying an additional 150 shares during the period. 64.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Robert W. Baird reduced their price target on NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Wells Fargo & Company boosted their target price on shares of NIKE from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 14th. Needham & Company LLC dropped their price target on shares of NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. UBS Group cut their price objective on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, March 21st. Finally, Dbs Bank raised shares of NIKE from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.26.

NIKE Price Performance

Shares of NKE stock opened at $62.82 on Monday. The firm’s 50-day moving average is $58.86 and its two-hundred day moving average is $69.15. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $98.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The company has a market capitalization of $92.92 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 2.52 and a beta of 1.21.

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

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a $0.40 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.55%. NIKE’s dividend payout ratio (DPR) is currently 53.16%.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan bought 8,600 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the acquisition, the director now owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by 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.