Central Securities Corp Has $20.63 Million Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Central Securities Corp reduced its stake in NIKE, Inc. by 67.5%, now holding 325,000 shares valued at approximately $20.6 million, making it the 21st largest position in their portfolio.
• Chairman Mark G. Parker sold 110,000 shares of NIKE, reducing his ownership by 11.55% and leaving him with assets valued at about $60.9 million.
• Analysts have mixed forecasts for NIKE, with the stock earning an average rating of "Moderate Buy" and an average price target of $77.15, supported by recent upgrades from Citigroup and other firms.

Central Securities Corp reduced its holdings in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 67.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 325,000 shares of the footwear maker's stock after selling 675,000 shares during the quarter. NIKE makes up 2.0% of Central Securities Corp's investment portfolio, making the stock its 21st largest position. Central Securities Corp's holdings in NIKE were worth $20,631,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NKE. Elgethun Capital Management grew its holdings in NIKE by 13.7% during the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker's stock valued at $94,000 after purchasing an additional 149 shares during the last quarter. AlTi Global Inc. grew its holdings in NIKE by 0.4% during the fourth quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker's stock valued at $2,813,000 after purchasing an additional 150 shares during the last quarter. Cohen & Steers Inc. grew its holdings in NIKE by 5.3% during the fourth quarter. Cohen & Steers Inc. now owns 3,171 shares of the footwear maker's stock valued at $240,000 after purchasing an additional 160 shares during the last quarter. Peregrine Asset Advisers Inc. grew its holdings in NIKE by 1.2% during the first quarter. Peregrine Asset Advisers Inc. now owns 15,119 shares of the footwear maker's stock valued at $934,000 after purchasing an additional 181 shares during the last quarter. Finally, Aaron Wealth Advisors LLC grew its holdings in NIKE by 4.3% during the first quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker's stock valued at $296,000 after purchasing an additional 192 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Price Performance

Shares of NYSE:NKE traded up $0.85 during midday trading on Friday, reaching $76.27. The company's stock had a trading volume of 7,148,164 shares, compared to its average volume of 14,403,078. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $90.62. The company has a market capitalization of $112.64 billion, a P/E ratio of 35.31, a P/E/G ratio of 2.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The business's fifty day simple moving average is $66.81 and its 200-day simple moving average is $67.29.

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

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date was Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. NIKE's payout ratio is 74.07%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Berenberg Bank assumed coverage on NIKE in a report on Tuesday, April 15th. They set a "hold" rating and a $58.00 price target on the stock. HSBC upgraded NIKE from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Friday, June 27th. Wall Street Zen downgraded NIKE from a "hold" rating to a "sell" rating in a report on Friday, June 27th. JPMorgan Chase & Co. increased their price objective on NIKE from $56.00 to $64.00 and gave the company a "neutral" rating in a research report on Friday, June 27th. Finally, Needham & Company LLC increased their price objective on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $77.15.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the sale, the chairman directly owned 842,361 shares in the company, valued at $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.80% of the stock is currently owned by 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.