Cromwell Holdings LLC Increases Stake in NIKE, Inc. (NYSE:NKE)

Cromwell Holdings LLC lifted its stake in NIKE, Inc. (NYSE:NKE) by 11.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,198 shares of the footwear maker’s stock after purchasing an additional 325 shares during the quarter. Cromwell Holdings LLC’s holdings in NIKE were worth $242,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NKE. Allspring Global Investments Holdings LLC increased its holdings in NIKE by 187.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 323,993 shares of the footwear maker’s stock worth $28,641,000 after buying an additional 211,461 shares during the period. Foundations Investment Advisors LLC increased its holdings in NIKE by 26.5% in the 3rd quarter. Foundations Investment Advisors LLC now owns 4,804 shares of the footwear maker’s stock worth $425,000 after buying an additional 1,006 shares during the period. Private Advisor Group LLC increased its holdings in NIKE by 2.9% in the 3rd quarter. Private Advisor Group LLC now owns 75,274 shares of the footwear maker’s stock worth $6,654,000 after buying an additional 2,108 shares during the period. Elevated Capital Advisors LLC acquired a new position in NIKE in the 3rd quarter worth approximately $226,000. Finally, Wallington Asset Management LLC acquired a new position in NIKE in the 3rd quarter worth approximately $230,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at NIKE

In related news, Director John W. Rogers, Jr. purchased 2,500 shares of NIKE stock in a transaction dated Friday, December 27th. The shares were acquired at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the acquisition, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. The trade was a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.

NIKE Trading Up 0.5 %

Shares of NKE stock opened at $77.19 on Friday. The stock’s fifty day moving average is $74.33 and its two-hundred day moving average is $78.05. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The firm has a market capitalization of $114.17 billion, a P/E ratio of 23.82, a PEG ratio of 2.50 and a beta of 1.01. NIKE, Inc. has a fifty-two week low of $68.62 and a fifty-two week high of $106.62.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. The company had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 EPS. Research analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. NIKE’s payout ratio is currently 49.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NKE. Evercore ISI cut their price target on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Piper Sandler upgraded shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $90.00 in a report on Friday, January 10th. TD Cowen dropped their price objective on shares of NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a research note on Monday, November 18th. JPMorgan Chase & Co. dropped their price objective on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Monday, December 2nd. Finally, Citigroup cut shares of NIKE from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $102.00 to $72.00 in a research note on Friday, February 7th. Fifteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.62.

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.