Opal Capital LLC Acquires 65,576 Shares of NIKE, Inc. $NKE

Opal Capital LLC lifted its holdings in shares of NIKE, Inc. (NYSE:NKE) by 1,772.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 69,275 shares of the footwear maker’s stock after acquiring an additional 65,576 shares during the period. Opal Capital LLC’s holdings in NIKE were worth $3,659,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Cornerstone Financial Management LLC bought a new position in NIKE in the fourth quarter valued at about $26,000. Sankala Group LLC acquired a new position in NIKE during the fourth quarter worth about $26,000. J.Safra Asset Management Corp bought a new position in shares of NIKE in the fourth quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of NIKE in the fourth quarter worth about $30,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of NIKE in the 1st quarter valued at approximately $25,000. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Truist Financial decreased their price target on shares of NIKE from $69.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Evercore set a $46.00 price objective on shares of NIKE and gave the company an “in-line” rating in a research note on Tuesday, June 23rd. DZ Bank restated a “buy” rating on shares of NIKE in a research report on Tuesday, June 30th. Robert W. Baird reaffirmed an “outperform” rating and set a $70.00 target price on shares of NIKE in a research note on Wednesday, July 1st. Finally, Wells Fargo & Company lowered their price target on shares of NIKE from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $53.86.

Insider Activity

In other news, EVP Philip Mccartney sold 17,398 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $46.18, for a total transaction of $803,439.64. Following the completion of the transaction, the executive vice president owned 53,133 shares of the company’s stock, valued at approximately $2,453,681.94. This trade represents a 24.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.10% of the company’s stock.

NIKE Stock Performance

NYSE:NKE opened at $43.01 on Wednesday. The stock’s 50-day moving average is $43.68 and its 200-day moving average is $50.75. NIKE, Inc. has a 1-year low of $40.00 and a 1-year high of $80.17. The company has a current ratio of 1.96, a quick ratio of 1.36 and a debt-to-equity ratio of 0.40. The stock has a market cap of $63.81 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 1.87 and a beta of 1.12.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.09. NIKE had a net margin of 6.70% and a return on equity of 16.54%. The business had revenue of $10.97 billion during the quarter, compared to analyst estimates of $10.85 billion. During the same quarter last year, the business earned $0.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts anticipate that NIKE, Inc. will post 1.74 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, June 1st. NIKE’s dividend payout ratio is 78.47%.

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).