Patten & Patten Inc. TN Decreases Stock Position in NIKE, Inc. (NYSE:NKE)

Key Points

• Patten & Patten Inc. TN reduced its stake in NIKE, Inc. by 9.5%, now holding 50,203 shares worth approximately $3.19 million after selling 5,287 shares in the first quarter.
• Several hedge funds increased their investments in NIKE, including Brighton Jones LLC, which raised its stake by 388.5% in the fourth quarter.
• NIKE's recent earnings report showed a profit of $0.14 per share, exceeding analyst expectations, although revenue declined by 11.9% year-over-year.

Patten & Patten Inc. TN cut its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 50,203 shares of the footwear maker's stock after selling 5,287 shares during the quarter. Patten & Patten Inc. TN's holdings in NIKE were worth $3,187,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NKE. Brighton Jones LLC raised its stake in shares of NIKE by 388.5% in the fourth quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after purchasing an additional 160,980 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of NIKE by 10.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 190,915 shares of the footwear maker's stock worth $14,447,000 after purchasing an additional 17,888 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of NIKE in the fourth quarter worth about $3,318,000. Level Four Advisory Services LLC raised its stake in shares of NIKE by 19.9% in the fourth quarter. Level Four Advisory Services LLC now owns 15,751 shares of the footwear maker's stock worth $1,192,000 after purchasing an additional 2,619 shares during the last quarter. Finally, Allstate Corp purchased a new position in shares of NIKE in the fourth quarter worth about $2,672,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total transaction of $7,951,900.00. Following the transaction, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.80% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NKE. The Goldman Sachs Group raised their price objective on NIKE from $72.00 to $81.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. DZ Bank cut NIKE from a "buy" rating to a "hold" rating and set a $76.00 price objective for the company. in a research note on Thursday, July 10th. Piper Sandler raised their price objective on NIKE from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Robert W. Baird lifted their price target on NIKE from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Finally, Needham & Company LLC lifted their price target on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, NIKE currently has an average rating of "Moderate Buy" and a consensus target price of $78.22.

NIKE Stock Performance

Shares of NYSE:NKE opened at $76.27 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.21 and a quick ratio of 1.50. The business's 50 day moving average price is $66.81 and its 200-day moving average price is $67.29. The firm has a market capitalization of $112.64 billion, a PE ratio of 35.31, a P/E/G ratio of 2.80 and a beta of 1.25. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business's revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. As a group, equities research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. NIKE's payout ratio is 74.07%.

About NIKE

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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