Spinnaker Trust Cuts Stock Position in NIKE, Inc. (NYSE:NKE)

Spinnaker Trust trimmed its position in shares of NIKE, Inc. (NYSE:NKE) by 16.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,177 shares of the footwear maker’s stock after selling 1,195 shares during the quarter. Spinnaker Trust’s holdings in NIKE were worth $546,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Transcendent Capital Group LLC lifted its holdings in shares of 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 acquiring an additional 200 shares during the last quarter. VitalStone Financial LLC raised its position 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 lifted its stake in 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 purchasing an additional 376 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in NIKE during the second quarter valued at about $44,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of NIKE during the second quarter valued at about $46,000. Institutional investors own 64.25% of the company’s stock.

Insider Activity

In related news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at $80,435,628. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group boosted their target price on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Monday, September 30th. UBS Group increased their price objective on NIKE from $78.00 to $82.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Daiwa America downgraded shares of NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. TD Cowen upped their price target on shares of NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler reissued a “neutral” rating and issued a $80.00 price target on shares of NIKE in a report on Friday, September 20th. Fourteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, NIKE has an average rating of “Moderate Buy” and a consensus target price of $96.56.

NIKE Price Performance

Shares of NYSE NKE opened at $75.29 on Thursday. The company has a 50 day simple moving average of $81.68 and a two-hundred day simple moving average of $84.07. NIKE, Inc. has a fifty-two week low of $70.75 and a fifty-two week high of $123.39. The company has a market capitalization of $112.89 billion, a price-to-earnings ratio of 21.57, a P/E/G ratio of 1.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. During the same quarter last year, the company earned $0.94 EPS. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. Analysts expect that NIKE, Inc. will post 2.74 EPS for the current fiscal year.

NIKE Company 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.