Patron Partners LLC Increases Stock Holdings in NIKE, Inc. $NKE

Patron Partners LLC lifted its stake in shares of NIKE, Inc. (NYSE:NKE) by 2.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 16,445 shares of the footwear maker’s stock after buying an additional 436 shares during the period. Patron Partners LLC’s holdings in NIKE were worth $1,168,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Stone House Investment Management LLC purchased a new position in shares of NIKE during the first quarter valued at approximately $25,000. Matrix Trust Co boosted its position in shares of NIKE by 53.1% during the second quarter. Matrix Trust Co now owns 441 shares of the footwear maker’s stock valued at $31,000 after buying an additional 153 shares during the last quarter. Saudi Central Bank purchased a new position in shares of NIKE during the first quarter valued at approximately $30,000. Opal Wealth Advisors LLC purchased a new position in shares of NIKE during the second quarter valued at approximately $35,000. Finally, N.E.W. Advisory Services LLC purchased a new position in NIKE in the first quarter worth $37,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

NYSE:NKE opened at $69.32 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.50 and a current ratio of 2.21. NIKE, Inc. has a 52-week low of $52.28 and a 52-week high of $90.62. The firm has a market cap of $102.38 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 2.59 and a beta of 1.24. The business’s fifty day moving average is $75.05 and its 200 day moving average is $67.38.

NIKE (NYSE:NKE) last released its quarterly earnings data 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 company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.69 billion. During the same period in the previous year, the company posted $0.99 EPS. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. Research analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 2nd. NIKE’s payout ratio is presently 74.07%.

Insider Activity

In related news, Chairman Mark G. Parker sold 86,078 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $75.93, for a total transaction of $6,535,902.54. Following the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. The trade was a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler boosted their price objective on NIKE from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, June 27th. Cowen raised NIKE from a “hold” rating to a “buy” rating in a research report on Wednesday, September 10th. The Goldman Sachs Group boosted their price objective on NIKE from $72.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, June 27th. JPMorgan Chase & Co. raised NIKE from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $64.00 to $93.00 in a research report on Monday, July 28th. Finally, Hsbc Global Res raised NIKE from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $79.46.

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.