NIKE, Inc. (NYSE:NKE) Shares Acquired by Econ Financial Services Corp

Econ Financial Services Corp increased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 88.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,480 shares of the footwear maker's stock after acquiring an additional 16,679 shares during the period. NIKE comprises approximately 1.2% of Econ Financial Services Corp's investment portfolio, making the stock its 22nd largest holding. Econ Financial Services Corp's holdings in NIKE were worth $2,252,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in NKE. Norges Bank bought a new stake in shares of NIKE in the fourth quarter valued at about $1,126,288,000. Wellington Management Group LLP raised its position in NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker's stock worth $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of NIKE by 1,302.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock valued at $196,901,000 after purchasing an additional 2,416,601 shares in the last quarter. Finally, Capital World Investors boosted its position in NIKE by 10.3% in the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after buying an additional 2,288,627 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Up 3.1%

NYSE NKE traded up $1.88 during midday trading on Thursday, hitting $62.71. 34,370,648 shares of the company traded hands, compared to its average volume of 15,414,619. The company's 50-day simple moving average is $60.17 and its 200-day simple moving average is $67.73. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $94.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.19 and a quick ratio of 1.52. The company has a market cap of $92.75 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 2.21 and a beta of 1.21.

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, beating the consensus estimate 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 net margin of 9.43% and a return on equity of 32.18%. During the same period last year, the firm posted $0.99 EPS. As a group, equities research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a $0.40 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.55%. NIKE's dividend payout ratio (DPR) is 53.16%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NKE shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of NIKE in a report on Friday, May 23rd. Piper Sandler cut their price target on NIKE from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Friday, April 11th. Morgan Stanley reduced their price target on shares of NIKE from $70.00 to $61.00 and set an "equal weight" rating for the company in a report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of NIKE from $77.00 to $71.00 and set a "buy" rating on the stock in a report on Friday, June 20th. Finally, The Goldman Sachs Group cut their target price on NIKE from $88.00 to $72.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Sixteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $77.59.

Insider Activity at NIKE

In other news, Director Robert Holmes Swan acquired 8,600 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the transaction, the director now owns 31,983 shares in the company, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is currently owned by corporate insiders.

NIKE Company Profile

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.