Harfst & Associates Inc. Lowers Holdings in NIKE, Inc. (NYSE:NKE)

Key Points

• Harfst & Associates Inc. reduced its stake in NIKE, Inc. by 54.9%, now holding 11,406 shares worth $724,000.
• Despite the reduction from Harfst, other institutional investors like Spire Wealth Management and Capitolis Liquid Global Markets LLC have increased their stakes in NIKE.
• NIKE reported a net margin of 6.95% and earnings of $0.14 per share for the last quarter, surpassing expectations but showing a decline in revenue compared to the previous year.

Harfst & Associates Inc. lessened its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 54.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,406 shares of the footwear maker's stock after selling 13,875 shares during the period. Harfst & Associates Inc.'s holdings in NIKE were worth $724,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Stone House Investment Management LLC purchased a new stake in NIKE during the 1st quarter worth about $25,000. Heck Capital Advisors LLC purchased a new stake in NIKE during the 4th quarter worth about $28,000. Roxbury Financial LLC lifted its holdings in NIKE by 52.1% during the 1st quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after purchasing an additional 201 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in NIKE during the 1st quarter worth about $37,000. Finally, Putney Financial Group LLC purchased a new stake in NIKE during the 4th quarter worth about $40,000. Hedge funds and other institutional investors own 64.25% of the company's stock.

NIKE Trading Up 1.0%

NYSE NKE traded up $0.78 on Friday, hitting $77.17. The company's stock had a trading volume of 9,764,949 shares, compared to its average volume of 10,925,215. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62. 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 company's 50-day simple moving average is $71.05 and its 200 day simple moving average is $67.63. The firm has a market cap of $113.97 billion, a P/E ratio of 35.73, a PEG ratio of 2.80 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings data 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. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The business had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. During the same quarter last year, the business posted $0.99 EPS. The business's revenue was down 11.9% on a year-over-year basis. Research analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. NIKE's dividend payout ratio is 74.07%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NKE shares. Piper Sandler increased their price objective on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $70.00 price target on shares of NIKE in a report on Friday, June 27th. Royal Bank Of Canada lowered their price target on NIKE from $66.00 to $65.00 and set a "sector perform" rating on the stock in a report on Tuesday, May 20th. Barclays raised their price target on NIKE from $53.00 to $64.00 and gave the company an "equal weight" rating in a report on Friday, June 27th. Finally, Argus raised NIKE to a "buy" rating in a report on Sunday, July 6th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, NIKE presently has a consensus rating of "Moderate Buy" and a consensus target price of $78.22.

Insider Transactions at NIKE

In other NIKE 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.80% of the company's stock.

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.