Avity Investment Management Inc. Reduces Holdings in NIKE, Inc. (NYSE:NKE)

Avity Investment Management Inc. reduced its position in NIKE, Inc. (NYSE:NKE) by 9.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 259,920 shares of the footwear maker’s stock after selling 28,715 shares during the period. NIKE makes up about 2.0% of Avity Investment Management Inc.’s holdings, making the stock its 23rd biggest holding. Avity Investment Management Inc.’s holdings in NIKE were worth $24,427,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC increased its holdings in NIKE by 120.7% during the 4th quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new position in NIKE during the 4th quarter valued at $29,000. True Wealth Design LLC grew its holdings in NIKE by 106.4% during the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares in the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of NIKE in the 4th quarter worth about $33,000. Finally, Core Wealth Advisors Inc. raised its stake in shares of NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares in the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

NYSE:NKE traded down $18.82 during trading hours on Friday, reaching $75.37. 129,966,982 shares of the company’s stock were exchanged, compared to its average volume of 9,446,953. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $113.76 billion, a P/E ratio of 20.20, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. NIKE, Inc. has a 12 month low of $74.55 and a 12 month high of $123.39. The business’s 50-day simple moving average is $93.28 and its two-hundred day simple moving average is $99.15.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.87% and a net margin of 11.10%. The business had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the company posted $0.66 EPS. The company’s revenue was down 1.6% compared to the same quarter last year. Sell-side analysts expect that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio is currently 39.68%.

Insiders Place Their Bets

In other news, VP Johanna Nielsen sold 282 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the transaction, the vice president now owns 730 shares in the company, valued at approximately $68,357.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the transaction, the vice president now owns 730 shares of the company’s stock, valued at approximately $68,357.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the completion of the sale, the executive vice president now directly owns 44,997 shares in the company, valued at approximately $4,236,917.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,660 shares of company stock worth $19,946,333. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on NKE shares. Citigroup lowered their price objective on NIKE from $115.00 to $102.00 and set a “buy” rating for the company in a report on Friday. Jefferies Financial Group lowered their target price on shares of NIKE from $110.00 to $100.00 and set a “hold” rating for the company in a research note on Friday, March 22nd. Guggenheim reduced their price target on shares of NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. Robert W. Baird lowered their price objective on shares of NIKE from $125.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday. Finally, TD Cowen cut their target price on shares of NIKE from $89.00 to $75.00 and set a “hold” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, NIKE currently has an average rating of “Hold” and an average price target of $98.96.

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.