Stoneridge Investment Partners LLC Buys 73,021 Shares of NIKE, Inc. $NKE

Key Points

• Stoneridge Investment Partners boosted its NIKE stake by 1,253.6% in the fourth quarter, buying 73,021 additional shares and bringing its total holdings to 78,846 shares worth about $5.0 million.
• NIKE reported quarterly earnings of $0.35 per share, topping estimates, while revenue came in at $11.28 billion, slightly above expectations. Analysts now expect the company to earn 1.51 EPS for the full year.
• The company declared a quarterly dividend of $0.41 per share, and insider buying has also been active, with directors Robert Holmes Swan and Timothy D. Cook both adding to their positions.

Stoneridge Investment Partners LLC increased its stake in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 1,253.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,846 shares of the footwear maker's stock after buying an additional 73,021 shares during the period. NIKE accounts for approximately 3.5% of Stoneridge Investment Partners LLC's holdings, making the stock its 6th biggest holding. Stoneridge Investment Partners LLC's holdings in NIKE were worth $5,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NKE. Brighton Jones LLC lifted its position in NIKE by 388.5% during the 4th quarter. Brighton Jones LLC now owns 202,411 shares of the footwear maker's stock worth $15,316,000 after buying an additional 160,980 shares in the last quarter. Caxton Associates LLP acquired a new position in NIKE during the 1st quarter worth about $311,000. United Bank lifted its position in NIKE by 11.3% during the 2nd quarter. United Bank now owns 17,067 shares of the footwear maker's stock worth $1,212,000 after buying an additional 1,736 shares in the last quarter. NewEdge Advisors LLC lifted its position in NIKE by 0.3% during the 2nd quarter. NewEdge Advisors LLC now owns 64,161 shares of the footwear maker's stock worth $4,558,000 after buying an additional 197 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its position in NIKE by 6.5% during the 2nd quarter. CIBC Asset Management Inc now owns 191,268 shares of the footwear maker's stock worth $13,588,000 after buying an additional 11,646 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company's stock.

NIKE Stock Performance

NIKE stock opened at $41.88 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.50. The company has a market cap of $62.03 billion, a PE ratio of 27.74, a PEG ratio of 2.22 and a beta of 1.12. The company's 50-day moving average is $47.89 and its two-hundred day moving average is $58.11. NIKE, Inc. has a 1 year low of $41.70 and a 1 year high of $80.17.

NIKE (NYSE:NKE - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The footwear maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $11.28 billion during the quarter, compared to analysts' expectations of $11.23 billion. NIKE had a return on equity of 16.41% and a net margin of 4.84%.NIKE's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. Equities analysts anticipate that NIKE, Inc. will post 1.51 earnings per share for the current year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.9%. NIKE's dividend payout ratio is 108.61%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NKE shares. Truist Financial reduced their price target on shares of NIKE from $69.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday, April 1st. Royal Bank Of Canada restated a "buy" rating on shares of NIKE in a research report on Wednesday, April 1st. Citigroup cut their target price on shares of NIKE from $65.00 to $53.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Barclays cut their target price on shares of NIKE from $73.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 1st. Finally, Piper Sandler restated a "neutral" rating and set a $50.00 target price (down from $60.00) on shares of NIKE in a research report on Friday, April 10th. Sixteen investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $62.04.

Insider Buying and Selling

In related news, Director Robert Holmes Swan purchased 11,781 shares of the stock in a transaction dated Tuesday, April 7th. The stock was bought at an average cost of $42.44 per share, with a total value of $499,985.64. Following the purchase, the director directly owned 55,074 shares in the company, valued at $2,337,340.56. The trade was a 27.21% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Timothy D. Cook purchased 25,000 shares of the stock in a transaction dated Friday, April 10th. The stock was bought at an average cost of $42.43 per share, with a total value of $1,060,750.00. Following the completion of the purchase, the director owned 130,480 shares in the company, valued at $5,536,266.40. The trade was a 23.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 64,441 shares of company stock valued at $2,734,204. Insiders own 0.80% of the company's stock.

NIKE Company Profile

Nike, Inc NYSE: NKE is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).

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