NIKE, Inc. $NKE Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp has reduced its stake in NIKE, Inc. by 12.1%, selling 79,494 shares during the second quarter and retaining 580,134 shares valued at approximately $41.2 million.
• Wall Street analysts have increased their price targets for NIKE, with Goldman Sachs raising it to $81.00 and several analysts maintaining a "Moderate Buy" average rating for the stock.
• NIKE reported earnings of $0.14 per share for the quarter, surpassing expectations and showing revenue of $11.10 billion, despite an 11.9% year-over-year decline.

Fifth Third Bancorp cut its position in NIKE, Inc. (NYSE:NKE - Free Report) by 12.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 580,134 shares of the footwear maker's stock after selling 79,494 shares during the quarter. Fifth Third Bancorp's holdings in NIKE were worth $41,213,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Heck Capital Advisors LLC purchased a new stake in NIKE during the 4th quarter worth approximately $28,000. Stone House Investment Management LLC bought a new stake in shares of NIKE in the first quarter worth $25,000. Matrix Trust Co increased its stake in shares of NIKE by 53.1% in the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker's stock worth $31,000 after buying an additional 153 shares during the last quarter. Saudi Central Bank acquired a new stake in NIKE in the first quarter valued at $30,000. Finally, Opal Wealth Advisors LLC bought a new position in NIKE during the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NKE shares. The Goldman Sachs Group boosted their target price on shares of NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Hsbc Global Res raised NIKE from a "hold" rating to a "strong-buy" rating in a report on Friday, June 27th. Barclays increased their target price on NIKE from $64.00 to $65.00 and gave the stock an "equal weight" rating in a report on Thursday, September 18th. Piper Sandler boosted their price target on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, DZ Bank lowered NIKE from a "buy" rating to a "hold" rating and set a $76.00 price target on the stock. in a research report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, NIKE currently has an average rating of "Moderate Buy" and an average price target of $79.46.

NIKE Trading Up 0.4%

Shares of NYSE NKE opened at $71.21 on Thursday. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $90.62. The company has a market cap of $105.17 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 2.58 and a beta of 1.24. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. The stock's 50 day simple moving average is $75.12 and its 200 day simple moving average is $67.43.

NIKE (NYSE:NKE - Get Free Report) last issued its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $11.10 billion for 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 for the quarter was down 11.9% on a year-over-year basis. During the same period last year, the company earned $0.99 earnings per share. Equities research analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a yield of 2.2%. NIKE's dividend payout ratio (DPR) is currently 74.07%.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the transaction, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This represents a 11.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.80% of the stock is owned by insiders.

NIKE 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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