3,970 Shares in NIKE, Inc. $NKE Bought by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. has acquired 3,970 shares of NIKE, Inc. (NYSE:NKE), valued at approximately $282,000, marking a new investment in the company.
• Several institutional investors have recently adjusted their stakes in NIKE, with significant increases in ownership, raising the total institutional ownership to 64.25% of the company's stock.
• NIKE has seen mixed analyst ratings, with three analysts giving a Strong Buy rating, while the average target price is set at $79.62, reflecting a consensus of optimism regarding the stock's future performance.

Patton Fund Management Inc. purchased a new position in NIKE, Inc. (NYSE:NKE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,970 shares of the footwear maker's stock, valued at approximately $282,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Spire Wealth Management grew its stake in shares of NIKE by 4.4% in the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock worth $627,000 after acquiring an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in NIKE by 0.6% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock valued at $69,932,000 after acquiring an additional 5,601 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in NIKE in the first quarter valued at about $25,963,000. BROOKFIELD Corp ON lifted its holdings in NIKE by 36.2% in the first quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker's stock valued at $41,808,000 after acquiring an additional 175,000 shares during the period. Finally, Olstein Capital Management L.P. lifted its holdings in NIKE by 42.2% in the first quarter. Olstein Capital Management L.P. now owns 91,000 shares of the footwear maker's stock valued at $5,777,000 after acquiring an additional 27,000 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Piper Sandler increased their target price on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Zacks Research raised NIKE from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Morgan Stanley increased their target price on NIKE from $64.00 to $70.00 and gave the company an "equal weight" rating in a report on Tuesday. Hsbc Global Res raised NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Finally, Citigroup raised NIKE from a "neutral" rating to a "positive" rating in a report on Friday, September 19th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $79.62.

Insider Transactions at NIKE

In related news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman owned 744,988 shares of the company's stock, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.80% of the company's stock.

NIKE Stock Up 0.1%

NYSE NKE opened at $69.31 on Friday. The stock's 50-day moving average price is $74.99 and its 200-day moving average price is $67.34. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $90.26. The company has a market capitalization of $102.36 billion, a P/E ratio of 32.09, a price-to-earnings-growth ratio of 2.51 and a beta of 1.24.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The firm had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter last year, the company earned $0.99 earnings per share. The business's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. NIKE's dividend payout ratio (DPR) is 74.07%.

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.

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