California State Teachers Retirement System Lowers Stock Position in NIKE, Inc. $NKE

California State Teachers Retirement System lessened its position in shares of NIKE, Inc. (NYSE:NKE) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,820,698 shares of the footwear maker’s stock after selling 40,676 shares during the period. California State Teachers Retirement System owned approximately 0.12% of NIKE worth $96,169,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Main Street Financial Solutions LLC grew its stake in 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 period. Diligent Investors LLC boosted its position in NIKE by 4.3% during the 4th quarter. Diligent Investors LLC now owns 3,719 shares of the footwear maker’s stock worth $237,000 after purchasing an additional 153 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in 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 purchasing an additional 163 shares in the last quarter. Lakeshore Capital Group Inc. raised its position in NIKE by 2.9% in the fourth quarter. Lakeshore Capital Group Inc. now owns 5,868 shares of the footwear maker’s stock valued at $374,000 after purchasing an additional 165 shares during the period. Finally, ANB Bank raised its position in NIKE by 0.7% in the fourth quarter. ANB Bank now owns 25,451 shares of the footwear maker’s stock valued at $1,621,000 after purchasing an additional 165 shares during the period. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NKE has been the subject of several analyst reports. Truist Financial decreased their target price on NIKE from $69.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Stifel Nicolaus set a $45.00 target price on shares of NIKE and gave the company a “hold” rating in a research note on Wednesday, July 1st. Oppenheimer lowered their price target on shares of NIKE from $120.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, June 26th. Telsey Advisory Group set a $47.00 price objective on shares of NIKE and gave the stock a “market perform” rating in a report on Wednesday, July 1st. Finally, CICC Research lowered their target price on NIKE from $58.00 to $44.80 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.74.

NIKE Stock Up 0.4%

Shares of NIKE stock opened at $43.22 on Thursday. NIKE, Inc. has a twelve month low of $40.00 and a twelve month high of $80.17. The stock has a market capitalization of $64.12 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 1.91 and a beta of 1.12. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. The business’s 50 day simple moving average is $43.66 and its 200-day simple moving average is $50.59.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.09. The firm had revenue of $10.97 billion for the quarter, compared to analyst estimates of $10.85 billion. NIKE had a return on equity of 16.54% and a net margin of 6.70%.The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the company earned $0.14 earnings per share. Equities research analysts forecast that NIKE, Inc. will post 1.74 earnings per share for the current year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders 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 3.8%. The ex-dividend date was Monday, June 1st. NIKE’s payout ratio is 78.47%.

Insider Buying and Selling at NIKE

In related news, EVP Philip Mccartney sold 17,398 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the transaction, the executive vice president owned 53,133 shares in the company, valued at $2,453,681.94. This trade represents 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. Corporate insiders own 1.10% of the company’s stock.

NIKE Company Profile

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).