First National Trust Co Trims Stock Holdings in NIKE, Inc. $NKE

First National Trust Co lowered its position in NIKE, Inc. (NYSE:NKE) by 2.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 7,605 shares of the footwear maker’s stock after selling 187 shares during the period. First National Trust Co’s holdings in NIKE were worth $540,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NKE. Stone House Investment Management LLC purchased a new stake in NIKE in the first quarter valued at approximately $25,000. Mascoma Wealth Management LLC purchased a new stake in NIKE in the second quarter valued at approximately $26,000. Halbert Hargrove Global Advisors LLC lifted its stake in NIKE by 952.6% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after buying an additional 362 shares during the last quarter. Saudi Central Bank purchased a new stake in NIKE in the first quarter valued at approximately $30,000. Finally, Matrix Trust Co lifted its stake in NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock valued at $31,000 after buying an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Trading Down 1.7%

Shares of NKE stock opened at $67.40 on Wednesday. The business’s fifty day moving average price is $72.01 and its 200 day moving average price is $68.10. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $82.44. The firm has a market capitalization of $99.63 billion, a PE ratio of 34.57, a P/E/G ratio of 2.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.45.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm had revenue of $11.72 billion for the quarter, compared to analyst estimates of $10.96 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. NIKE’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, sell-side analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. NIKE’s dividend payout ratio is currently 82.05%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NKE. Jefferies Financial Group reiterated a “buy” rating and issued a $115.00 price objective on shares of NIKE in a research note on Monday, September 29th. KeyCorp set a $90.00 target price on NIKE and gave the company an “overweight” rating in a report on Thursday, October 2nd. UBS Group set a $71.00 target price on NIKE and gave the company a “neutral” rating in a report on Friday, September 19th. Citigroup raised NIKE from a “neutral” rating to a “positive” rating in a report on Friday, September 19th. Finally, Piper Sandler set a $84.00 target price on NIKE and gave the company an “overweight” rating in a report on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, NIKE currently has an average rating of “Moderate Buy” and a consensus price target of $82.21.

Insiders Place Their Bets

In related news, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the transaction, the executive vice president owned 29,396 shares of the company’s stock, valued at $2,095,052.92. This represents a 12.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Mark G. Parker sold 86,078 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the transaction, the chairman directly owned 744,988 shares in the company, valued at $56,566,938.84. This represents a 10.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.80% of the company’s stock.

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.