Granite Harbor Advisors Inc. Takes $270,000 Position in NIKE, Inc. $NKE

Key Points

• Granite Harbor Advisors Inc. has acquired a new position in NIKE, Inc., purchasing 3,798 shares valued at approximately $270,000.
• Multiple institutional investors have also increased their stake in NIKE, with 64.25% of the stock now owned by such investors.
• NIKE recently announced a quarterly dividend of $0.40 per share, resulting in an annualized dividend yield of 2.3% and a dividend payout ratio of 82.05%.

Granite Harbor Advisors Inc. purchased a new stake in NIKE, Inc. (NYSE:NKE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,798 shares of the footwear maker's stock, valued at approximately $270,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Spire Wealth Management increased its stake in shares of NIKE by 4.4% in the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock valued at $627,000 after acquiring an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its stake in NIKE by 0.6% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock worth $69,932,000 after purchasing an additional 5,601 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd bought a new stake in NIKE during the 1st quarter worth approximately $25,963,000. BROOKFIELD Corp ON increased its stake in NIKE by 36.2% during the 1st quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker's stock worth $41,808,000 after purchasing an additional 175,000 shares in the last quarter. Finally, Cadence Bank increased its stake in NIKE by 10.0% during the 1st quarter. Cadence Bank now owns 83,002 shares of the footwear maker's stock worth $5,269,000 after purchasing an additional 7,574 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NKE has been the subject of a number of research reports. UBS Group set a $71.00 target price on NIKE and gave the stock a "neutral" rating in a research note on Friday, September 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $78.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Stifel Nicolaus set a $68.00 price target on shares of NIKE and gave the stock a "hold" rating in a research note on Wednesday, October 1st. Truist Financial reaffirmed a "buy" rating and set a $85.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Finally, Zacks Research raised shares of NIKE from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 26th. Three research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $82.21.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Treasure Heinle sold 4,300 shares of NIKE stock in a transaction on Monday, October 6th. The stock was sold at an average price of $71.27, for a total value of $306,461.00. Following the sale, the executive vice president directly owned 29,396 shares of the company's stock, valued at $2,095,052.92. This represents a 12.76% decrease in their position. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by company insiders.

NIKE Trading Up 1.0%

NYSE NKE opened at $69.03 on Thursday. The company has a market cap of $102.03 billion, a PE ratio of 35.40, a PEG ratio of 2.52 and a beta of 1.29. The company has a current ratio of 2.19, a quick ratio of 1.45 and a debt-to-equity ratio of 0.59. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $82.44. The stock has a 50 day moving average of $72.67 and a 200-day moving average of $67.57.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The company had revenue of $11.72 billion during the quarter, compared to the consensus estimate of $10.96 billion. During the same quarter in the prior year, the firm posted $0.70 EPS. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities research analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. NIKE's dividend payout ratio (DPR) is currently 82.05%.

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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