Griffin Asset Management Inc. Reduces Stock Holdings in NIKE, Inc. (NYSE:NKE)

Griffin Asset Management Inc. reduced its position in NIKE, Inc. (NYSE:NKE) by 52.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,886 shares of the footwear maker’s stock after selling 12,154 shares during the quarter. Griffin Asset Management Inc.’s holdings in NIKE were worth $824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Teachers Insurance & Annuity Association of America bought a new stake in NIKE during the 3rd quarter valued at $30,000. VitalStone Financial LLC grew its position 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 in the last quarter. Dunhill Financial LLC raised its stake in shares of NIKE by 52.2% during the 3rd quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock valued at $44,000 after purchasing an additional 169 shares during the period. Riverview Trust Co purchased a new stake in NIKE during the 3rd quarter worth about $52,000. Finally, Catalyst Capital Advisors LLC bought a new position in NIKE in the 3rd quarter worth about $54,000. 64.25% of the stock is currently owned by institutional investors.

NIKE Price Performance

Shares of NIKE stock opened at $74.38 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. NIKE, Inc. has a one year low of $70.32 and a one year high of $107.43. The business’s 50 day simple moving average is $75.47 and its two-hundred day simple moving average is $77.95. The stock has a market capitalization of $110.02 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 earnings per share. Analysts forecast that NIKE, Inc. will post 2.1 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, December 2nd. NIKE’s dividend payout ratio is 49.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NKE. Barclays lowered their price target on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $84.00 target price on shares of NIKE in a research note on Friday, December 20th. UBS Group restated a “neutral” rating and set a $73.00 price target on shares of NIKE in a research report on Thursday, December 26th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $72.00 to $90.00 in a research report on Friday, January 10th. Finally, Morgan Stanley reduced their target price on NIKE from $80.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, December 20th. Fourteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $89.96.

Insider Transactions at NIKE

In other NIKE news, Director John W. Rogers, Jr. bought 2,500 shares of NIKE stock in a transaction dated Friday, December 27th. The shares were purchased at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is currently owned by company insiders.

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.