NIKE, Inc. $NKE Shares Acquired by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates boosted its NIKE stake by 64.6% in the fourth quarter, ending with 110,375 shares valued at about $7.0 million.
• Institutional interest in NIKE remains broad, with 64.25% of shares held by institutions and hedge funds, while analysts currently lean cautious: the stock has a Hold consensus rating and an average price target of $60.89.
• NIKE’s latest earnings beat expectations, reporting $0.35 EPS versus the $0.29 estimate and revenue of $11.28 billion, and the company also announced a quarterly dividend of $0.41 per share.

Sit Investment Associates Inc. raised its position in NIKE, Inc. (NYSE:NKE - Free Report) by 64.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,375 shares of the footwear maker's stock after purchasing an additional 43,326 shares during the quarter. Sit Investment Associates Inc.'s holdings in NIKE were worth $7,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of NKE. Cornerstone Financial Management LLC acquired a new position in NIKE during the 4th quarter valued at about $26,000. J.Safra Asset Management Corp bought a new position in shares of NIKE in the fourth quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new stake in shares of NIKE during the fourth quarter valued at $30,000. Litman Gregory Wealth Management LLC purchased a new stake in NIKE during the fourth quarter valued at about $32,000. Finally, Prosperity Bancshares Inc purchased a new stake in shares of NIKE in the 4th quarter valued at approximately $32,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Key NIKE News

Here are the key news stories impacting NIKE this week:

• Positive Sentiment: Barclays reiterated a Buy rating on NIKE, which can support sentiment by signaling that analysts still see upside in the stock. Barclays Remains a Buy on Nike (NKE)
• Positive Sentiment: NIKE outperformed the broader market in the latest trading session, suggesting traders may be positioning ahead of upcoming earnings and looking for signs that the turnaround is taking hold. Nike (NKE) Outperforms Broader Market: What You Need to Know
• Positive Sentiment: Coverage highlighted stronger traction in one major market and signs that NIKE’s recovery is gaining momentum, which could improve confidence in the company’s earnings outlook. Headed Into Earnings, Nike Stock Is Trading Lower Than It Was a Decade Ago. But Is the Turnaround Finally Working?

Analysts Set New Price Targets

NKE has been the subject of a number of research reports. DZ Bank restated a "buy" rating on shares of NIKE in a research report on Tuesday, April 21st. Berenberg Bank reissued a "neutral" rating on shares of NIKE in a research report on Wednesday, May 6th. Wall Street Zen raised shares of NIKE from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Evercore cut their price objective on NIKE from $69.00 to $57.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. Finally, China Renaissance decreased their price target on shares of NIKE from $74.60 to $50.30 and set a "hold" rating on the stock in a research report on Thursday, April 2nd. Fifteen research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three 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 target price of $60.89.

Insider Activity at NIKE

In other NIKE news, CEO Elliott Hill acquired 23,660 shares of the business's stock in a transaction that occurred on Monday, April 13th. The shares were acquired at an average cost of $42.27 per share, for a total transaction of $1,000,108.20. Following the completion of the acquisition, the chief executive officer directly owned 265,247 shares of the company's stock, valued at approximately $11,211,990.69. This represents a 9.79% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Philip Mccartney sold 17,398 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.18, for a total value of $803,439.64. Following the completion of the transaction, the executive vice president directly owned 53,133 shares in the company, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have purchased a total of 64,441 shares of company stock valued at $2,734,204 over the last quarter. 0.80% of the stock is currently owned by corporate insiders.

NIKE Price Performance

NYSE:NKE opened at $45.22 on Friday. The firm has a market cap of $66.97 billion, a PE ratio of 29.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. NIKE, Inc. has a 12 month low of $41.35 and a 12 month high of $80.17. The company's 50-day moving average price is $44.39 and its two-hundred day moving average price is $54.79. 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 quarterly 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 return on equity of 16.41% and a net margin of 4.84%.The firm had revenue of $11.28 billion during the quarter, compared to analysts' expectations of $11.23 billion. During the same period last year, the firm posted $0.54 EPS. The business's revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that NIKE, Inc. will post 1.49 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.6%. NIKE's dividend payout ratio (DPR) is currently 108.61%.

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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