McGinn Penninger Investment Management Inc. Has $4.58 Million Stock Position in NIKE, Inc. $NKE

Key Points

• McGinn Penninger Investment Management reduced its NIKE stake by 26.2% in the fourth quarter, selling 25,530 shares and leaving it with 71,940 shares worth about $4.58 million.
• Institutional investors remain heavily involved in NIKE, with 64.25% of the stock owned by institutions; several firms either increased or initiated positions during recent quarters.
• Analysts currently view NIKE cautiously, with a consensus rating of “Hold” and an average price target of $62.04, even as the stock recently traded around $44.85 and NIKE reported earnings that beat expectations.

McGinn Penninger Investment Management Inc. lowered its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 26.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,940 shares of the footwear maker's stock after selling 25,530 shares during the period. NIKE makes up 2.7% of McGinn Penninger Investment Management Inc.'s investment portfolio, making the stock its 18th biggest holding. McGinn Penninger Investment Management Inc.'s holdings in NIKE were worth $4,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NKE. Brighton Jones LLC increased its position in shares of NIKE by 388.5% during the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after acquiring an additional 160,980 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of NIKE during the first quarter worth about $311,000. United Bank grew its position in NIKE by 11.3% in the 2nd quarter. United Bank now owns 17,067 shares of the footwear maker's stock worth $1,212,000 after purchasing an additional 1,736 shares in the last quarter. NewEdge Advisors LLC grew its position in NIKE by 0.3% in the 2nd quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker's stock worth $4,558,000 after purchasing an additional 197 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in NIKE by 6.5% in the 2nd quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker's stock valued at $13,588,000 after buying an additional 11,646 shares during the last quarter. 64.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group decreased their price objective on shares of NIKE from $58.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, April 1st. Robert W. Baird decreased their price objective on shares of NIKE from $85.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Evercore decreased their price objective on shares of NIKE from $69.00 to $57.00 and set an "outperform" rating for the company in a research note on Wednesday, April 1st. Piper Sandler reiterated a "neutral" rating and issued a $50.00 price objective (down from $60.00) on shares of NIKE in a research note on Friday, April 10th. Finally, Stifel Nicolaus decreased their price objective on shares of NIKE from $65.00 to $56.00 and set a "hold" rating for the company in a research note on Wednesday, April 1st. Sixteen research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $62.04.

NIKE Stock Up 0.4%

NIKE stock opened at $44.85 on Wednesday. NIKE, Inc. has a twelve month low of $41.35 and a twelve month high of $80.17. The firm has a 50 day moving average price of $46.22 and a 200-day moving average price of $57.04. The company has a market capitalization of $66.42 billion, a P/E ratio of 29.70, a P/E/G ratio of 2.37 and a beta of 1.12. The company has a quick ratio of 1.45, a current ratio of 2.14 and a debt-to-equity ratio of 0.50.

NIKE (NYSE:NKE - Get Free Report) last released its earnings results on Tuesday, March 31st. The footwear maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. NIKE had a net margin of 4.84% and a return on equity of 16.41%. The firm had revenue of $11.28 billion during the quarter, compared to the consensus estimate of $11.23 billion. During the same period in the prior year, the firm earned $0.54 EPS. The company's revenue was up .1% compared to the same quarter last year. As a group, equities analysts predict that NIKE, Inc. will post 1.51 EPS for the current year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, June 1st. NIKE's dividend payout ratio is currently 108.61%.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan bought 11,781 shares of NIKE stock in a transaction dated Tuesday, April 7th. The stock was purchased at an average cost of $42.44 per share, with a total value of $499,985.64. Following the transaction, the director directly owned 55,074 shares of the company's stock, valued at approximately $2,337,340.56. The trade was a 27.21% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy D. Cook bought 25,000 shares of NIKE stock in a transaction dated Friday, April 10th. The shares were bought at an average cost of $42.43 per share, with a total value of $1,060,750.00. Following the completion of the transaction, the director directly owned 130,480 shares in the company, valued at approximately $5,536,266.40. This trade represents a 23.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 64,441 shares of company stock valued at $2,734,204 over the last quarter. 0.80% of the stock is currently owned by insiders.

NIKE Profile

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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