Bank of Nova Scotia Cuts Stock Position in NIKE, Inc. (NYSE:NKE)

Key Points

• The Bank of Nova Scotia reduced its stock position in NIKE, Inc. by 17.5%, selling 32,800 shares and leaving it with 155,081 shares valued at approximately $9.84 million.
• NIKE reported earnings of $0.14 per share, surpassing expectations, though its quarterly revenue decreased by 11.9% compared to the previous year.
• Insider selling increased as Chairman Mark G. Parker sold 110,000 shares at an average price of $72.29, reducing his ownership by 11.55%.

Bank of Nova Scotia lessened its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 17.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 155,081 shares of the footwear maker's stock after selling 32,800 shares during the period. Bank of Nova Scotia's holdings in NIKE were worth $9,844,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NKE. Heck Capital Advisors LLC purchased a new stake in shares of NIKE during the 4th quarter valued at about $28,000. EnRich Financial Partners LLC raised its holdings in shares of NIKE by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 412 shares of the footwear maker's stock valued at $31,000 after buying an additional 273 shares during the period. Ritter Daniher Financial Advisory LLC DE grew its holdings in NIKE by 95.1% during the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 513 shares of the footwear maker's stock valued at $39,000 after purchasing an additional 250 shares in the last quarter. Putney Financial Group LLC acquired a new stake in NIKE during the 4th quarter valued at $40,000. Finally, Minot DeBlois Advisors LLC acquired a new stake in NIKE during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Stock Up 0.3%

NIKE stock opened at $74.86 on Tuesday. The company has a 50-day simple moving average of $68.66 and a 200-day simple moving average of $67.51. The firm has a market capitalization of $110.56 billion, a P/E ratio of 34.66, a P/E/G ratio of 2.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. NIKE, Inc. has a one year low of $52.28 and a one year high of $90.62.

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

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the sale, the chairman directly owned 842,361 shares in the company, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.80% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on NKE. Deutsche Bank Aktiengesellschaft lowered their price target on shares of NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a report on Friday, June 20th. Wall Street Zen lowered shares of NIKE from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Bank of America raised their price target on shares of NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a report on Friday, June 27th. Truist Financial lowered their price target on shares of NIKE from $82.00 to $73.00 and set a "buy" rating for the company in a report on Tuesday, June 24th. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and set a $70.00 price target on shares of NIKE in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and a consensus price target of $78.22.

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.

Want to see what other hedge funds are holding NKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIKE, Inc. (NYSE:NKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.