Columbia Asset Management Trims Holdings in NIKE, Inc. (NYSE:NKE)

Columbia Asset Management lowered its position in NIKE, Inc. (NYSE:NKE) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 83,354 shares of the footwear maker’s stock after selling 177 shares during the period. NIKE makes up approximately 1.2% of Columbia Asset Management’s investment portfolio, making the stock its 20th largest holding. Columbia Asset Management’s holdings in NIKE were worth $6,307,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. PDT Partners LLC purchased a new stake in shares of NIKE in the third quarter worth about $229,000. Erste Asset Management GmbH purchased a new stake in NIKE in the 3rd quarter worth approximately $1,688,000. Benjamin Edwards Inc. grew its stake in shares of NIKE by 3,520.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 106,146 shares of the footwear maker’s stock worth $9,383,000 after purchasing an additional 103,214 shares during the period. Beacon Investment Advisory Services Inc. increased its holdings in shares of NIKE by 74.8% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 7,832 shares of the footwear maker’s stock valued at $692,000 after purchasing an additional 3,352 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of NIKE by 76.0% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 23,154 shares of the footwear maker’s stock valued at $2,047,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

Analyst Ratings Changes

NKE has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of NIKE from $73.00 to $64.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Barclays dropped their target price on NIKE from $79.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, December 20th. Piper Sandler raised NIKE from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $72.00 to $90.00 in a report on Friday, January 10th. China Renaissance assumed coverage on NIKE in a report on Wednesday, March 19th. They issued a “hold” rating on the stock. Finally, BMO Capital Markets cut their price objective on NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Fifteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by insiders.

NIKE Trading Up 2.0 %

Shares of NIKE stock opened at $64.78 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The stock’s 50 day simple moving average is $73.84 and its 200-day simple moving average is $76.72. The stock has a market cap of $95.81 billion, a P/E ratio of 19.99, a P/E/G ratio of 2.52 and a beta of 1.02. NIKE, Inc. has a 1-year low of $62.65 and a 1-year high of $98.04.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. 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 Tuesday, April 1st. Investors of record on Monday, March 3rd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE’s payout ratio is currently 53.16%.

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.