Griffin Asset Management Inc. Has $1.98 Million Stake in NIKE, Inc. (NYSE:NKE)

Griffin Asset Management Inc. reduced its stake in shares of NIKE, Inc. (NYSE:NKE) by 40.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 21,054 shares of the footwear maker’s stock after selling 14,051 shares during the quarter. Griffin Asset Management Inc.’s holdings in NIKE were worth $1,979,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NKE. Eagle Asset Management Inc. increased its position in shares of NIKE by 33.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 6,559 shares of the footwear maker’s stock valued at $627,000 after buying an additional 1,648 shares in the last quarter. Mather Group LLC. grew its position in shares of NIKE by 14.1% in the 3rd quarter. Mather Group LLC. now owns 11,194 shares of the footwear maker’s stock valued at $1,070,000 after purchasing an additional 1,386 shares during the period. Westfield Capital Management Co. LP grew its position in shares of NIKE by 6.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 72,376 shares of the footwear maker’s stock valued at $6,921,000 after purchasing an additional 4,662 shares during the period. Bank of Nova Scotia increased its stake in NIKE by 121.0% during the 3rd quarter. Bank of Nova Scotia now owns 612,510 shares of the footwear maker’s stock worth $58,565,000 after purchasing an additional 335,407 shares in the last quarter. Finally, Morningstar Investment Services LLC increased its stake in NIKE by 1,743.3% during the 3rd quarter. Morningstar Investment Services LLC now owns 42,765 shares of the footwear maker’s stock worth $3,833,000 after purchasing an additional 40,445 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

NKE has been the subject of several research analyst reports. Truist Financial reduced their price target on shares of NIKE from $99.00 to $81.00 and set a “hold” rating for the company in a report on Friday. Robert W. Baird lowered their target price on NIKE from $125.00 to $100.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley reissued an “equal weight” rating and issued a $79.00 price target (down previously from $114.00) on shares of NIKE in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price objective (down from $110.00) on shares of NIKE in a research report on Friday, March 22nd. Finally, Piper Sandler dropped their target price on NIKE from $107.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.96.

NIKE Stock Performance

NKE traded down $18.82 during trading hours on Friday, reaching $75.37. The company’s stock had a trading volume of 129,966,982 shares, compared to its average volume of 9,446,953. The company’s 50-day moving average is $93.28 and its 200-day moving average is $99.15. NIKE, Inc. has a 52 week low of $74.55 and a 52 week high of $123.39. The firm has a market cap of $113.76 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.89 and a current ratio of 2.74.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share. On average, equities analysts forecast that NIKE, Inc. will post 3.9 EPS for the current year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s dividend payout ratio is presently 39.68%.

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.