Parallel Advisors LLC Reduces Stock Position in NIKE, Inc. (NYSE:NKE)

Parallel Advisors LLC lessened its stake in shares of NIKE, Inc. (NYSE:NKE) by 12.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,332 shares of the footwear maker’s stock after selling 10,828 shares during the quarter. Parallel Advisors LLC’s holdings in NIKE were worth $5,776,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of NIKE by 3.3% in the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock worth $5,140,796,000 after buying an additional 1,862,021 shares in the last quarter. Wellington Management Group LLP increased its position in NIKE by 5.1% during the third quarter. Wellington Management Group LLP now owns 27,442,145 shares of the footwear maker’s stock valued at $2,425,886,000 after acquiring an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC increased its position in NIKE by 1.0% during the third quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock valued at $2,204,451,000 after acquiring an additional 251,411 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of NIKE by 18.1% in the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after purchasing an additional 3,121,929 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of NIKE by 6.0% in the third quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after purchasing an additional 583,207 shares during the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Robert W. Baird dropped their target price on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, December 23rd. Jefferies Financial Group upgraded shares of NIKE from a “hold” rating to a “buy” rating and increased their target price for the stock from $75.00 to $115.00 in a report on Monday, February 24th. BMO Capital Markets increased their price target on shares of NIKE from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Citigroup lowered shares of NIKE from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $102.00 to $72.00 in a research report on Friday, February 7th. Finally, Truist Financial decreased their price objective on shares of NIKE from $97.00 to $90.00 and set a “buy” 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 assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.54.

NIKE Price Performance

NYSE NKE opened at $73.78 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $109.13 billion, a PE ratio of 22.77, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. The company has a 50 day moving average price of $74.71 and a two-hundred day moving average price of $77.71. NIKE, Inc. has a 12-month low of $68.62 and a 12-month high of $101.92.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, December 19th. The footwear maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.15. The business had revenue of $12.35 billion for the quarter, compared to analyst estimates of $12.11 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. NIKE’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share. As a group, equities analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 2.17%. NIKE’s dividend payout ratio (DPR) is 49.38%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was 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 directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Rogers, Jr. purchased 2,500 shares of the firm’s stock in a transaction dated Friday, December 27th. The shares were acquired 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 directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by corporate 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.