Neo Ivy Capital Management Has $2.35 Million Stake in NIKE, Inc. (NYSE:NKE)

Neo Ivy Capital Management trimmed its holdings in shares of NIKE, Inc. (NYSE:NKE) by 70.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,540 shares of the footwear maker’s stock after selling 62,492 shares during the period. Neo Ivy Capital Management’s holdings in NIKE were worth $2,346,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ING Groep NV acquired a new stake in NIKE during the 3rd quarter valued at $29,628,000. Cordatus Wealth Management LLC boosted its position in NIKE by 19.5% in the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after buying an additional 6,778 shares during the last quarter. Bristlecone Advisors LLC boosted its position in NIKE by 14.3% in the 3rd quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock valued at $8,267,000 after buying an additional 11,665 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in NIKE by 62.3% in the 3rd quarter. Coldstream Capital Management Inc. now owns 121,279 shares of the footwear maker’s stock valued at $10,347,000 after buying an additional 46,567 shares during the last quarter. Finally, Investment Management Corp of Ontario boosted its position in NIKE by 49.4% in the 3rd quarter. Investment Management Corp of Ontario now owns 40,238 shares of the footwear maker’s stock valued at $3,557,000 after buying an additional 13,300 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NKE. Jefferies Financial Group increased their price objective on NIKE from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Needham & Company LLC began coverage on NIKE in a research report on Friday, November 22nd. They issued a “buy” rating and a $84.00 price objective on the stock. Guggenheim decreased their price objective on NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Truist Financial upgraded NIKE from a “hold” rating to a “buy” rating and increased their price objective for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Finally, Sanford C. Bernstein reduced their price target on NIKE from $112.00 to $109.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. Fourteen analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $95.46.

NIKE Stock Performance

Shares of NIKE stock opened at $76.76 on Wednesday. The firm has a market cap of $115.09 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02. The stock’s 50-day moving average is $79.03 and its 200-day moving average is $81.46. NIKE, Inc. has a one year low of $70.75 and a one year 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.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. Equities analysts predict that NIKE, Inc. will post 2.73 earnings per share for the current fiscal year.

NIKE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.08%. This is a positive change from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, December 2nd. NIKE’s payout ratio is 45.85%.

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.