Independent Advisor Alliance Decreases Holdings in NIKE, Inc. (NYSE:NKE)

Independent Advisor Alliance lessened its stake in shares of NIKE, Inc. (NYSE:NKE) by 8.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,610 shares of the footwear maker’s stock after selling 4,357 shares during the period. Independent Advisor Alliance’s holdings in NIKE were worth $4,297,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NKE. Waverly Advisors LLC increased its holdings in NIKE by 33.2% during the first quarter. Waverly Advisors LLC now owns 11,758 shares of the footwear maker’s stock worth $1,105,000 after buying an additional 2,931 shares during the last quarter. Kennedy Capital Management LLC bought a new position in NIKE during the first quarter worth about $5,454,000. B. Riley Wealth Advisors Inc. boosted its position in NIKE by 17.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 58,025 shares of the footwear maker’s stock worth $5,568,000 after purchasing an additional 8,458 shares during the period. Tidal Investments LLC boosted its position in NIKE by 26.2% during the first quarter. Tidal Investments LLC now owns 53,670 shares of the footwear maker’s stock worth $5,045,000 after purchasing an additional 11,140 shares during the period. Finally, Coppell Advisory Solutions Corp. bought a new position in NIKE during the first quarter worth about $350,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Piper Sandler reiterated a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday, September 20th. Stifel Nicolaus cut their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, August 26th. Bank of America cut their target price on shares of NIKE from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Guggenheim cut their price objective on shares of NIKE from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company raised their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Fourteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.86.

NIKE Trading Up 2.4 %

NKE stock opened at $79.26 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. NIKE, Inc. has a one year low of $70.75 and a one year high of $123.39. The company’s 50 day moving average price is $80.50 and its two-hundred day moving average price is $82.42. The company has a market capitalization of $118.84 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03.

NIKE (NYSE:NKE) last issued its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 EPS for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. As a group, analysts predict that NIKE, Inc. will post 2.75 earnings per share for the current fiscal year.

NIKE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s payout ratio is 45.85%.

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.