Sit Investment Associates Inc. Sells 30,239 Shares of NIKE, Inc. (NYSE:NKE)

Sit Investment Associates Inc. cut its holdings in NIKE, Inc. (NYSE:NKE - Free Report) by 58.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,154 shares of the footwear maker's stock after selling 30,239 shares during the quarter. Sit Investment Associates Inc.'s holdings in NIKE were worth $1,601,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NKE. Caitlin John LLC lifted its position in NIKE by 117.0% during the 4th quarter. Caitlin John LLC now owns 371 shares of the footwear maker's stock valued at $28,000 after purchasing an additional 200 shares during the period. Heck Capital Advisors LLC bought a new stake in shares of NIKE during the fourth quarter worth approximately $28,000. Roxbury Financial LLC acquired a new position in NIKE in the fourth quarter valued at approximately $30,000. LFA Lugano Financial Advisors SA boosted its stake in NIKE by 110.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker's stock valued at $30,000 after acquiring an additional 210 shares during the last quarter. Finally, Hopwood Financial Services Inc. acquired a new stake in NIKE during the 4th quarter worth $30,000. Institutional investors and hedge funds own 64.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Dbs Bank upgraded NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. UBS Group reduced their price objective on shares of NIKE from $73.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday, March 21st. BMO Capital Markets lowered their target price on shares of NIKE from $95.00 to $92.00 and set an "outperform" rating for the company in a research note on Friday, March 21st. Evercore ISI reduced their price target on shares of NIKE from $105.00 to $97.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Finally, Piper Sandler upgraded shares of NIKE from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $72.00 to $90.00 in a report on Friday, January 10th. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $86.96.

NIKE Trading Down 10.8 %

Shares of NYSE:NKE traded down $6.43 during mid-day trading on Thursday, reaching $52.89. 27,685,160 shares of the company's stock were exchanged, compared to its average volume of 17,732,701. The firm has a market capitalization of $78.23 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 2.52 and a beta of 1.15. NIKE, Inc. has a twelve month low of $52.37 and a twelve month high of $98.04. The business's fifty day moving average price is $70.93 and its 200-day moving average price is $75.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business's revenue was down 9.1% on a year-over-year basis. On average, research analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. NIKE's dividend payout ratio (DPR) is currently 53.16%.

Insider Activity

In other NIKE news, Director Robert Holmes Swan bought 8,600 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was bought at an average cost of $58.46 per share, with a total value of $502,756.00. Following the completion of the transaction, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the firm's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

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.