Canvas Wealth Advisors LLC Invests $1.69 Million in NIKE, Inc. (NYSE:NKE)

Canvas Wealth Advisors LLC purchased a new stake in NIKE, Inc. (NYSE:NKE) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 22,182 shares of the footwear maker’s stock, valued at approximately $1,686,000.

Several other large investors have also recently bought and sold shares of the stock. Gateway Investment Advisers LLC grew its position in shares of NIKE by 2.1% in the third quarter. Gateway Investment Advisers LLC now owns 68,434 shares of the footwear maker’s stock valued at $6,050,000 after purchasing an additional 1,384 shares during the last quarter. City State Bank boosted its stake in NIKE by 61.0% in the 3rd quarter. City State Bank now owns 5,422 shares of the footwear maker’s stock valued at $479,000 after purchasing an additional 2,055 shares during the period. Exchange Traded Concepts LLC grew its holdings in NIKE by 15.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 28,141 shares of the footwear maker’s stock valued at $2,488,000 after buying an additional 3,864 shares in the last quarter. Birch Hill Investment Advisors LLC increased its position in NIKE by 26.7% during the 3rd quarter. Birch Hill Investment Advisors LLC now owns 37,551 shares of the footwear maker’s stock worth $3,320,000 after buying an additional 7,903 shares during the period. Finally, Factory Mutual Insurance Co. lifted its holdings in shares of NIKE by 22.6% during the third quarter. Factory Mutual Insurance Co. now owns 335,400 shares of the footwear maker’s stock worth $29,649,000 after buying an additional 61,800 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Evercore ISI decreased their price target on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Telsey Advisory Group restated a “market perform” rating and set a $80.00 target price on shares of NIKE in a research report on Thursday. Stifel Nicolaus dropped their price target on shares of NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a research report on Friday, December 20th. TD Cowen dropped their price objective on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a report on Monday, November 18th. Finally, Wells Fargo & Company cut their target price on NIKE from $95.00 to $92.00 and set an “overweight” rating for the company in a research report on Monday, December 16th. Fifteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.62.

Insider Buying and Selling

In related news, Director John W. Rogers, Jr. acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were bought 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 $2,636,989.95. The trade was a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 1.10% of the stock is currently owned by insiders.

NIKE Price Performance

Shares of NKE opened at $68.69 on Monday. The business has a 50-day simple moving average of $75.12 and a two-hundred day simple moving average of $78.04. NIKE, Inc. has a 12-month low of $68.62 and a 12-month high of $107.43. The stock has a market cap of $101.60 billion, a PE ratio of 21.20, a PEG ratio of 2.34 and a beta of 1.01. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

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

NIKE Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Monday, December 2nd. This is a positive change from NIKE’s previous quarterly dividend of $0.37. NIKE’s payout ratio is 49.38%.

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.