Avity Investment Management Inc. Sells 28,715 Shares of NIKE, Inc. (NYSE:NKE)

Avity Investment Management Inc. trimmed its position in shares of NIKE, Inc. (NYSE:NKE) by 9.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 259,920 shares of the footwear maker’s stock after selling 28,715 shares during the period. NIKE comprises 2.0% of Avity Investment Management Inc.’s investment portfolio, making the stock its 23rd largest position. Avity Investment Management Inc.’s holdings in NIKE were worth $24,427,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NKE. Iron Horse Wealth Management LLC grew its stake in shares of NIKE by 120.7% during the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock valued at $28,000 after buying an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new position in shares of NIKE during the fourth quarter valued at approximately $29,000. True Wealth Design LLC lifted its position in shares of NIKE by 106.4% in the 4th quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after purchasing an additional 150 shares during the period. Core Wealth Advisors Inc. lifted its holdings in NIKE by 408.5% in the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after buying an additional 241 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new stake in NIKE during the 4th quarter valued at approximately $33,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price Performance

Shares of NYSE NKE traded down $18.82 during mid-day trading on Friday, reaching $75.37. The company’s stock had a trading volume of 129,966,982 shares, compared to its average volume of 9,446,953. The stock has a fifty day moving average of $93.28 and a two-hundred day moving average of $99.15. The firm has a market capitalization of $113.76 billion, a PE ratio of 20.20, a P/E/G ratio of 1.79 and a beta of 1.05. NIKE, Inc. has a 52 week low of $74.55 and a 52 week high of $123.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The firm had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a net margin of 11.10% and a return on equity of 42.87%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. As a group, sell-side analysts anticipate that NIKE, Inc. will post 3.9 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is presently 39.68%.

Insider Buying and Selling

In other news, VP Johanna Nielsen sold 282 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $93.64, for a total value of $26,406.48. Following the sale, the vice president now directly owns 730 shares in the company, valued at approximately $68,357.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the transaction, the chairman now owns 1,102,090 shares in the company, valued at $102,648,662.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Johanna Nielsen sold 282 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares in the company, valued at $68,357.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 213,660 shares of company stock worth $19,946,333. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NKE. Raymond James restated a “market perform” rating on shares of NIKE in a report on Friday. StockNews.com downgraded NIKE from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Piper Sandler decreased their price target on NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Guggenheim dropped their price objective on NIKE from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $88.00 target price (down previously from $117.00) on shares of NIKE in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $98.96.

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.