Iowa State Bank Lowers Stock Holdings in NIKE, Inc. $NKE

Iowa State Bank reduced its holdings in NIKE, Inc. (NYSE:NKE) by 1.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,724 shares of the footwear maker’s stock after selling 347 shares during the quarter. Iowa State Bank’s holdings in NIKE were worth $2,254,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Mascoma Wealth Management LLC acquired a new position in shares of NIKE in the second quarter worth $26,000. Stone House Investment Management LLC purchased a new stake in NIKE during the first quarter valued at about $25,000. Halbert Hargrove Global Advisors LLC grew its position in NIKE by 952.6% during the second quarter. Halbert Hargrove Global Advisors LLC now owns 400 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 362 shares during the period. Matrix Trust Co grew its position in 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 acquiring an additional 153 shares during the period. Finally, Saudi Central Bank purchased a new stake in shares of NIKE in the first quarter worth about $30,000. 64.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Mark G. Parker sold 86,078 shares of the 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 completion of the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.

NIKE Stock Performance

NKE opened at $72.01 on Monday. The firm has a market cap of $106.34 billion, a PE ratio of 36.93, a P/E/G ratio of 2.64 and a beta of 1.29. The company has a quick ratio of 1.45, a current ratio of 2.19 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $74.62 and a 200-day simple moving average of $67.24. NIKE, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $84.76.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The company had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. During the same quarter in the prior year, the company earned $0.70 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio (DPR) is currently 82.05%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NKE shares. Truist Financial reissued a “buy” rating and issued a $85.00 price target on shares of NIKE in a report on Wednesday, October 1st. Telsey Advisory Group reiterated a “market perform” rating and set a $75.00 price target on shares of NIKE in a research report on Wednesday, October 1st. Barclays set a $70.00 price objective on NIKE and gave the stock a “positive” rating in a report on Wednesday. Royal Bank Of Canada raised NIKE from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $76.00 to $90.00 in a research note on Thursday, September 18th. Finally, Sanford C. Bernstein reaffirmed a “buy” rating and set a $90.00 price target on shares of NIKE in a research note on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.57.

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.