Navalign LLC Acquires 1,194 Shares of NIKE, Inc. (NYSE:NKE)

Navalign LLC grew its holdings in shares of NIKE, Inc. (NYSE:NKE) by 12.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,169 shares of the footwear maker’s stock after purchasing an additional 1,194 shares during the period. Navalign LLC’s holdings in NIKE were worth $845,000 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 business. Norges Bank bought a new position in NIKE during the 4th quarter worth $1,126,288,000. Wellington Management Group LLP increased its holdings in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock valued at $2,749,903,000 after buying an additional 8,898,591 shares during the period. Pacer Advisors Inc. raised its position in shares of NIKE by 6,029.6% in the 4th quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock valued at $516,166,000 after buying an additional 6,709,985 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after acquiring an additional 3,121,929 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of NIKE by 1,302.7% during the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock worth $196,901,000 after acquiring an additional 2,416,601 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Down 4.2%

Shares of NYSE:NKE opened at $59.96 on Thursday. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $98.04. The company has a market capitalization of $88.68 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 2.52 and a beta of 1.23. The business has a fifty day moving average price of $60.40 and a two-hundred day moving average price of $70.42. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

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

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s dividend payout ratio is currently 53.16%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NKE. Jefferies Financial Group upgraded NIKE from a “hold” rating to a “buy” rating and upped their target price for the stock from $75.00 to $115.00 in a research note on Monday, February 24th. Morgan Stanley reduced their price target on NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, March 21st. JPMorgan Chase & Co. reduced their price objective on shares of NIKE from $64.00 to $56.00 and set a “neutral” rating on the stock in a research note on Monday, May 5th. Citigroup reduced their target price on NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Finally, 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. Seventeen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.26.

Insider Transactions at NIKE

In other news, Director Robert Holmes Swan acquired 8,600 shares of NIKE stock in a transaction on Friday, April 4th. The stock was acquired at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the acquisition, the director now owns 31,983 shares in the company, 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 Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

About NIKE

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.