Norway Savings Bank Sells 6,899 Shares of NIKE, Inc. (NYSE:NKE)

Norway Savings Bank cut its stake in NIKE, Inc. (NYSE:NKE) by 64.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,765 shares of the footwear maker’s stock after selling 6,899 shares during the period. Norway Savings Bank’s holdings in NIKE were worth $239,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NKE. Heck Capital Advisors LLC bought a new stake in shares of NIKE during the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA raised its stake in shares of NIKE by 110.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after buying an additional 210 shares during the last quarter. Hopwood Financial Services Inc. bought a new stake in shares of NIKE during the fourth quarter worth approximately $30,000. EnRich Financial Partners LLC raised its stake in shares of NIKE by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 412 shares of the footwear maker’s stock worth $31,000 after buying an additional 273 shares during the last quarter. Finally, BankPlus Trust Department bought a new stake in shares of NIKE during the fourth quarter worth approximately $34,000. 64.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NKE shares. JPMorgan Chase & Co. dropped their price target on shares of NIKE from $64.00 to $56.00 and set a “neutral” rating for the company in a research note on Monday, May 5th. Berenberg Bank initiated coverage on shares of NIKE in a research note on Tuesday, April 15th. They issued a “hold” rating and a $58.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of NIKE in a research note on Friday, May 23rd. Bank of America lowered their target price on shares of NIKE from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, April 25th. Finally, Williams Trading lowered their target price on shares of NIKE from $93.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, April 21st. Seventeen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.74.

NIKE Stock Performance

Shares of NKE opened at $59.78 on Friday. NIKE, Inc. has a 12 month low of $52.28 and a 12 month high of $98.04. The firm has a fifty day simple moving average of $59.78 and a 200 day simple moving average of $68.09. The stock has a market capitalization of $88.41 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.10 and a beta of 1.21. The company has a current ratio of 2.19, a quick ratio of 1.52 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.43% and a return on equity of 32.18%. The business had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The firm’s revenue was down 9.1% on a year-over-year basis. Research analysts forecast 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 will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Monday, June 2nd. NIKE’s dividend payout ratio is currently 53.16%.

Insider Buying and Selling at NIKE

In other news, Director Robert Holmes Swan purchased 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The stock was purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares in the company, valued at $1,869,726.18. The trade was a 36.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.