NIKE, Inc. (NYSE:NKE) Shares Sold by Associated Banc Corp

Associated Banc Corp reduced its position in shares of NIKE, Inc. (NYSE:NKE) by 9.7% in the third quarter, HoldingsChannel.com reports. The firm owned 64,254 shares of the footwear maker’s stock after selling 6,930 shares during the period. Associated Banc Corp’s holdings in NIKE were worth $5,680,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. VitalStone Financial LLC boosted its stake in NIKE by 52.6% in the 3rd quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after purchasing an additional 150 shares during the period. Bruce G. Allen Investments LLC boosted its position in shares of NIKE by 272.5% in 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 during the period. Triad Wealth Partners LLC purchased a new position in shares of NIKE during the second quarter valued at $44,000. MFA Wealth Advisors LLC acquired a new position in NIKE during the second quarter valued at $46,000. Finally, Lynx Investment Advisory purchased a new stake in NIKE in the 2nd quarter worth about $47,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NKE shares. Daiwa America downgraded NIKE from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Truist Financial raised shares of NIKE from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $97.00 in a research report on Thursday, October 10th. UBS Group lifted their price objective on shares of NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Guggenheim cut their target price on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Finally, Williams Trading raised NIKE from a “sell” rating to a “buy” rating and increased their price objective for the company from $67.00 to $93.00 in a report on Friday, August 16th. Fourteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Stock Performance

NKE stock opened at $79.26 on Tuesday. The company has a 50 day moving average price of $80.50 and a 200 day moving average price of $82.42. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The stock has a market capitalization of $118.84 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03.

NIKE (NYSE:NKE) last released its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. Analysts forecast that NIKE, Inc. will post 2.75 EPS for the current year.

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. This is a boost from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. NIKE’s payout ratio is currently 45.85%.

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.