Eastern Bank Cuts Stock Holdings in NIKE, Inc. (NYSE:NKE)

Eastern Bank reduced its position in shares of NIKE, Inc. (NYSE:NKE) by 24.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,330 shares of the footwear maker’s stock after selling 4,202 shares during the period. Eastern Bank’s holdings in NIKE were worth $1,009,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Teachers Insurance & Annuity Association of America purchased a new position in NIKE during the third quarter worth about $30,000. VitalStone Financial LLC grew its position in NIKE by 52.6% during the third quarter. VitalStone Financial LLC now owns 435 shares of the footwear maker’s stock worth $38,000 after buying an additional 150 shares during the period. Dunhill Financial LLC grew its position in NIKE by 52.2% during the third quarter. Dunhill Financial LLC now owns 493 shares of the footwear maker’s stock worth $44,000 after buying an additional 169 shares during the period. Ecofi Investissements SA acquired a new position in NIKE during the second quarter worth about $49,000. Finally, Riverview Trust Co acquired a new position in NIKE during the third quarter worth about $52,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John W. Rogers, Jr. acquired 2,500 shares of the business’s stock in a transaction on Friday, December 27th. The shares were purchased 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 of the company’s stock, valued at $2,636,989.95. This represents a 7.84 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by company insiders.

NIKE Stock Performance

Shares of NKE stock opened at $72.16 on Tuesday. The company’s fifty day simple moving average is $76.19 and its 200-day simple moving average is $78.09. NIKE, Inc. has a 52 week low of $70.75 and a 52 week high of $107.43. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The company has a market cap of $106.73 billion, a PE ratio of 20.68, a P/E/G ratio of 1.89 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, beating analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The business had revenue of $12.35 billion for the quarter, compared to the consensus estimate of $12.11 billion. During the same quarter last year, the firm posted $1.03 EPS. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, equities research analysts anticipate that NIKE, Inc. will post 2.72 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.22%. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s payout ratio is currently 49.38%.

Analysts Set New Price Targets

Several research analysts have weighed in on NKE shares. Guggenheim lowered their target price on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Evercore ISI lowered their price target on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Jefferies Financial Group increased their price target on shares of 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 reiterated a “buy” rating and issued a $84.00 price target on shares of NIKE in a research report on Friday, December 20th. Finally, Stifel Nicolaus lowered their price target on shares of NIKE from $79.00 to $75.00 and set a “hold” rating on the stock in a research report on Friday, December 20th. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.96.

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.