Elevate Capital Advisors LLC Takes $2.21 Million Position in NIKE, Inc. $NKE

Key Points

• Elevate Capital Advisors LLC has acquired a new stake in NIKE, Inc., purchasing 31,144 shares valued at approximately $2.21 million, which now represents about 1.8% of their investment portfolio.
• NIKE reported a quarterly EPS of $0.49, surpassing analysts' expectations, and achieved a revenue of $11.72 billion, showing a year-over-year growth of 1.0%.
• Institutional investors own approximately 64.25% of NIKE's stock, with recent investments by several hedge funds further indicating strong confidence in the company.

Elevate Capital Advisors LLC purchased a new stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 31,144 shares of the footwear maker's stock, valued at approximately $2,212,000. NIKE makes up approximately 1.8% of Elevate Capital Advisors LLC's investment portfolio, making the stock its 23rd biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank Hapoalim BM bought a new position in shares of NIKE during the second quarter valued at $275,000. Hennessy Advisors Inc. lifted its holdings in shares of NIKE by 2.1% during the second quarter. Hennessy Advisors Inc. now owns 78,950 shares of the footwear maker's stock valued at $5,609,000 after purchasing an additional 1,650 shares in the last quarter. WT Asset Management Ltd bought a new position in NIKE in the second quarter valued at about $26,235,000. Precedent Wealth Partners LLC lifted its holdings in NIKE by 31.6% in the second quarter. Precedent Wealth Partners LLC now owns 18,540 shares of the footwear maker's stock valued at $1,317,000 after acquiring an additional 4,457 shares during the period. Finally, Whelan Financial lifted its holdings in NIKE by 54.1% in the second quarter. Whelan Financial now owns 8,601 shares of the footwear maker's stock valued at $611,000 after acquiring an additional 3,018 shares during the period. 64.25% of the stock is owned by institutional investors.

NIKE Stock Performance

Shares of NKE opened at $72.01 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The business has a 50-day simple moving average of $74.62 and a two-hundred day simple moving average of $67.31. The stock has a market cap of $106.34 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 2.75 and a beta of 1.29. NIKE, Inc. has a 52 week low of $52.28 and a 52 week high of $84.76.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The business had revenue of $11.72 billion during the quarter, compared to analysts' expectations of $10.96 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. The business's quarterly revenue was up 1.0% on a year-over-year basis. On average, analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. NIKE's dividend payout ratio (DPR) is currently 82.05%.

Insider Activity

In related news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction dated 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 completion of the sale, the chairman owned 744,988 shares in the company, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Telsey Advisory Group reissued a "market perform" rating and issued a $75.00 target price on shares of NIKE in a report on Wednesday. Stifel Nicolaus set a $68.00 target price on NIKE and gave the company a "hold" rating in a report on Wednesday. Barclays set a $70.00 target price on NIKE and gave the company a "positive" rating in a report on Wednesday. Jefferies Financial Group reissued a "buy" rating and issued a $115.00 target price on shares of NIKE in a report on Monday, September 29th. Finally, Zacks Research raised NIKE from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.57.

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.

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