Ironsides Asset Advisors LLC Acquires Shares of 3,265 NIKE, Inc. (NYSE:NKE)

Key Points

• Ironsides Asset Advisors LLC has acquired 3,265 shares of NIKE, Inc., valued at approximately $207,000, as part of a new position in the footwear maker's stock.
• NIKE reported a quarterly earnings per share (EPS) of $0.14, which exceeded analyst expectations of $0.12, despite a year-over-year revenue decline of 11.9%.
• The company's quarterly dividend of $0.40 per share yields 2.02% and supports a payout ratio of 74.07%, indicating a commitment to returning value to shareholders.

Ironsides Asset Advisors LLC bought a new position in shares of NIKE, Inc. (NYSE:NKE - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 3,265 shares of the footwear maker's stock, valued at approximately $207,000.

A number of other large investors have also modified their holdings of the business. Spire Wealth Management increased its holdings 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 purchasing an additional 416 shares in the last quarter. Renaissance Technologies LLC grew its position in NIKE by 1,302.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker's stock worth $196,901,000 after buying an additional 2,416,601 shares during the period. Capitolis Liquid Global Markets LLC grew its position in NIKE by 40.9% during the fourth quarter. Capitolis Liquid Global Markets LLC now owns 310,000 shares of the footwear maker's stock worth $23,458,000 after buying an additional 90,000 shares during the period. Janus Henderson Group PLC increased its holdings in NIKE by 8.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,081,021 shares of the footwear maker's stock valued at $460,160,000 after buying an additional 463,470 shares in the last quarter. Finally, Evergreen Capital Management LLC lifted its position in shares of NIKE by 3.3% during the 4th quarter. Evergreen Capital Management LLC now owns 237,199 shares of the footwear maker's stock valued at $18,042,000 after acquiring an additional 7,536 shares during the period. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

NIKE stock opened at $79.27 on Tuesday. The company has a market cap of $117.07 billion, a price-to-earnings ratio of 36.70, a PEG ratio of 2.80 and a beta of 1.25. The firm has a 50 day moving average price of $67.15 and a 200 day moving average price of $67.35. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62. 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 (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The company 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 firm's revenue was down 11.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.99 earnings per share. Sell-side analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.02%. NIKE's dividend payout ratio is currently 74.07%.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 110,000 shares of the stock in a transaction on 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 approximately $60,894,276.69. This represents a 11.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

NKE has been the topic of several research analyst reports. Barclays boosted their price target on NIKE from $53.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Friday, June 27th. Evercore ISI lowered their target price on NIKE from $97.00 to $75.00 and set an "outperform" rating on the stock in a report on Tuesday, June 24th. Piper Sandler raised their price target on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Morgan Stanley boosted their price objective on shares of NIKE from $61.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Friday, June 27th. Finally, HSBC upgraded shares of NIKE from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.