Norden Group LLC Cuts Stock Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Norden Group LLC reduced its holdings in NIKE, Inc. by 31.0% in the first quarter, owning 10,017 shares valued at approximately $636,000 after selling 4,510 shares.
• Several institutional investors have increased their positions in NIKE, including Jennison Associates LLC, which acquired a new position valued at approximately $509 million.
• NIKE's stock recently opened at $78.40 and reported earnings of $0.14 per share, exceeding analyst expectations, despite a year-over-year revenue decline of 11.9%.

Norden Group LLC lessened its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 31.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,017 shares of the footwear maker's stock after selling 4,510 shares during the quarter. Norden Group LLC's holdings in NIKE were worth $636,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Heck Capital Advisors LLC purchased a new position in NIKE in the fourth quarter valued at about $28,000. EnRich Financial Partners LLC grew its stake in NIKE by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 412 shares of the footwear maker's stock valued at $31,000 after purchasing an additional 273 shares during the last quarter. Roxbury Financial LLC boosted its holdings in NIKE by 52.1% in the first quarter. Roxbury Financial LLC now owns 587 shares of the footwear maker's stock worth $37,000 after acquiring an additional 201 shares in the last quarter. Ritter Daniher Financial Advisory LLC DE boosted its holdings in NIKE by 95.1% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 513 shares of the footwear maker's stock worth $39,000 after acquiring an additional 250 shares in the last quarter. Finally, Putney Financial Group LLC acquired a new stake in NIKE in the fourth quarter worth about $40,000. Institutional investors own 64.25% of the company's stock.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of NIKE 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 sale, the chairman owned 842,361 shares in the company, valued at $60,894,276.69. The trade was a 11.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is owned by corporate insiders.

NIKE Trading Down 2.7%

NYSE NKE traded down $2.03 on Thursday, reaching $74.65. 16,621,903 shares of the company were exchanged, compared to its average volume of 12,134,709. The business's fifty day moving average price is $68.07 and its 200 day moving average price is $67.51. The stock has a market capitalization of $110.25 billion, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 2.79 and a beta of 1.25. The company has a current ratio of 2.21, a quick ratio of 1.50 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. NIKE had a return on equity of 23.33% and a net margin of 6.95%. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.69 billion. During the same quarter in the previous year, the business earned $0.99 earnings per share. The company's revenue for the quarter was down 11.9% on a year-over-year basis. Analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Truist Financial lowered their price target on NIKE from $82.00 to $73.00 and set a "buy" rating for the company in a report on Tuesday, June 24th. Stifel Nicolaus reduced their price objective on NIKE from $75.00 to $64.00 and set a "hold" rating for the company in a research note on Thursday, April 10th. Hsbc Global Res upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 27th. Robert W. Baird raised their price objective on NIKE from $80.00 to $88.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, Royal Bank Of Canada reduced their price target on NIKE from $66.00 to $65.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $78.22.

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.