Manitou Investment Management Ltd. Reduces Stake in NIKE, Inc. (NYSE:NKE)

Manitou Investment Management Ltd. lowered its stake in shares of NIKE, Inc. (NYSE:NKE) by 54.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,926 shares of the footwear maker’s stock after selling 76,560 shares during the period. NIKE accounts for 0.9% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 17th biggest holding. Manitou Investment Management Ltd.’s holdings in NIKE were worth $4,762,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of NKE. Loomis Sayles & Co. L P increased its position in NIKE by 1,209,638.7% in the third quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock worth $575,342,000 after buying an additional 6,507,856 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in NIKE by 358.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,015,267 shares of the footwear maker’s stock worth $228,165,000 after acquiring an additional 2,357,745 shares during the last quarter. State Street Corp lifted its holdings in NIKE by 3.3% during the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the last quarter. Holocene Advisors LP bought a new position in NIKE during the third quarter worth about $148,635,000. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of NIKE in the third quarter valued at approximately $144,927,000. Institutional investors own 64.25% of the company’s stock.

Insider Buying and Selling at NIKE

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the firm’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. This represents a 7.84 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

NKE has been the subject of several analyst reports. Wells Fargo & Company cut their price objective on shares of NIKE from $95.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, December 16th. Telsey Advisory Group lowered NIKE from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $93.00 to $80.00 in a research note on Friday, December 20th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $72.00 to $90.00 in a research note on Friday, January 10th. DA Davidson upgraded NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Finally, TD Cowen lowered their price target on shares of NIKE from $78.00 to $73.00 and set a “hold” rating on the stock in a report on Monday, November 18th. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and an average price target of $89.96.

NIKE Price Performance

Shares of NIKE stock opened at $74.44 on Friday. The stock has a market capitalization of $110.10 billion, a price-to-earnings ratio of 22.97, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02. The company has a fifty day moving average of $75.54 and a 200-day moving average of $77.88. NIKE, Inc. has a 52-week low of $70.32 and a 52-week high of $107.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

NIKE (NYSE:NKE) last announced 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 return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $12.35 billion for the quarter, compared to analysts’ expectations of $12.11 billion. During the same period last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was down 7.7% compared to the same quarter last year. Equities research analysts expect that NIKE, Inc. will post 2.1 EPS for the current year.

NIKE Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were paid a $0.40 dividend. This is a boost from NIKE’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Monday, December 2nd. 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.