NIKE, Inc. $NKE Position Increased by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. increased its stake in NIKE by 360.6% during the first quarter, owning a total of 97,436 shares valued at approximately $6.19 million after purchasing 76,282 additional shares.
• Institutional investors collectively own 64.25% of NIKE's stock, with significant increases in stakes from other firms such as Vanguard Group and Goldman Sachs.
• NIKE's quarterly dividend of $0.40 per share will be paid on October 1st, representing an annualized yield of 2.1%, with a current dividend payout ratio of 74.07%.

Sit Investment Associates Inc. raised its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 360.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,436 shares of the footwear maker's stock after acquiring an additional 76,282 shares during the quarter. Sit Investment Associates Inc.'s holdings in NIKE were worth $6,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Spire Wealth Management raised its stake in NIKE by 4.4% in the first quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker's stock valued at $627,000 after buying an additional 416 shares during the last quarter. Capitolis Liquid Global Markets LLC increased its holdings in shares of NIKE by 40.9% in the fourth quarter. Capitolis Liquid Global Markets LLC now owns 310,000 shares of the footwear maker's stock valued at $23,458,000 after purchasing an additional 90,000 shares during the period. Janus Henderson Group PLC grew its holdings in NIKE by 8.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,081,021 shares of the footwear maker's stock worth $460,160,000 after acquiring an additional 463,470 shares during the period. Bank Julius Baer & Co. Ltd Zurich grew its holdings in NIKE by 0.6% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker's stock worth $69,932,000 after acquiring an additional 5,601 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its holdings in NIKE by 20.2% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 52,370 shares of the footwear maker's stock worth $3,963,000 after acquiring an additional 8,792 shares during the period. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Price Performance

Shares of NKE traded down $0.5410 on Tuesday, reaching $76.8890. The stock had a trading volume of 4,990,684 shares, compared to its average volume of 16,774,441. NIKE, Inc. has a twelve month low of $52.28 and a twelve month high of $90.62. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. The firm has a 50-day moving average of $71.36 and a 200 day moving average of $67.56. The firm has a market capitalization of $113.56 billion, a PE ratio of 35.61, a PEG ratio of 2.80 and a beta of 1.27.

NIKE (NYSE:NKE - Get Free Report) last posted its earnings results on Thursday, June 26th. The footwear maker reported $0.14 earnings per share (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 firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same quarter in the prior year, the company earned $0.99 EPS. NIKE's revenue was down 11.9% on a year-over-year basis. Sell-side analysts expect that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction dated 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NKE. Piper Sandler raised their price objective on NIKE from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Argus upgraded NIKE to a "buy" rating in a research report on Sunday, July 6th. Jefferies Financial Group reissued a "buy" rating on shares of NIKE in a research note on Friday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their price objective on NIKE from $77.00 to $71.00 and set a "buy" rating for the company in a research note on Friday, June 20th. Finally, Bank of America boosted their target price on NIKE from $80.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.