Entropy Technologies LP Reduces Position in NIKE, Inc. (NYSE:NKE)

Entropy Technologies LP trimmed its holdings in NIKE, Inc. (NYSE:NKE) by 57.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,951 shares of the footwear maker’s stock after selling 34,013 shares during the period. Entropy Technologies LP’s holdings in NIKE were worth $2,206,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NKE. Transcendent Capital Group LLC lifted its stake in NIKE by 97.6% in the 1st quarter. Transcendent Capital Group LLC now owns 405 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 200 shares in the last quarter. VitalStone Financial LLC increased its holdings in shares of NIKE by 52.6% in the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in NIKE by 272.5% during the second quarter. Bruce G. Allen Investments LLC now owns 514 shares of the footwear maker’s stock worth $39,000 after buying an additional 376 shares in the last quarter. Triad Wealth Partners LLC acquired a new position in NIKE during the second quarter worth $44,000. Finally, MFA Wealth Advisors LLC purchased a new stake in NIKE in the 2nd quarter valued at $46,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

Shares of NYSE NKE opened at $76.67 on Wednesday. The stock’s 50-day simple moving average is $81.25 and its 200-day simple moving average is $83.61. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The firm has a market capitalization of $114.96 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 1.84 and a beta of 1.03. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. The company’s revenue was down 10.4% compared to the same quarter last year. As a group, equities research analysts forecast that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NKE has been the subject of several analyst reports. Daiwa America cut shares of NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Piper Sandler restated a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a report on Friday, September 20th. Guggenheim dropped their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. UBS Group upped their price objective on shares of NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird lifted their target price on shares of NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.48.

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.