Range Financial Group LLC Invests $642,000 in NIKE, Inc. (NYSE:NKE)

Range Financial Group LLC acquired a new stake in shares of NIKE, Inc. (NYSE:NKE) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 8,484 shares of the footwear maker’s stock, valued at approximately $642,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp boosted its position in shares of NIKE by 3.3% during the 3rd quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after acquiring an additional 1,862,021 shares during the last quarter. Wellington Management Group LLP lifted 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 purchasing an additional 1,343,093 shares during the last quarter. Geode Capital Management LLC grew its stake in NIKE by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 25,029,380 shares of the footwear maker’s stock worth $2,204,451,000 after buying an additional 251,411 shares in the last quarter. Legal & General Group Plc grew its stake in NIKE by 5.5% in the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after buying an additional 571,544 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of NIKE by 6.0% in the 3rd quarter. Fisher Asset Management LLC now owns 10,303,182 shares of the footwear maker’s stock worth $910,801,000 after buying an additional 583,207 shares during the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on NKE shares. Barclays cut their target price on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, December 20th. Truist Financial reduced their price objective on NIKE from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Royal Bank of Canada dropped their target price on NIKE from $82.00 to $80.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. TD Cowen cut their target price on NIKE from $78.00 to $73.00 and set a “hold” rating for the company in a research note on Monday, November 18th. Finally, Daiwa America downgraded shares of NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Fifteen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, NIKE has a consensus rating of “Moderate Buy” and an average price target of $89.58.

Insider Buying and Selling at NIKE

In related news, Director John W. Rogers, Jr. purchased 2,500 shares of the stock in a transaction dated Friday, December 27th. The stock was purchased at an average price of $76.65 per share, with a total value of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This trade represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.10% of the company’s stock.

NIKE Stock Up 0.2 %

NIKE stock traded up $0.15 during trading hours on Tuesday, hitting $72.15. 10,446,047 shares of the stock traded hands, compared to its average volume of 11,571,836. NIKE, Inc. has a one year low of $70.75 and a one year high of $107.43. The company has a market cap of $108.18 billion, a PE ratio of 20.67, a PEG ratio of 1.89 and a beta of 1.02. The firm’s 50-day moving average price is $76.77 and its two-hundred day moving average price is $78.93. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, December 19th. The footwear maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.63 by $0.15. The business had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 earnings per share. On average, research analysts forecast that NIKE, Inc. will post 2.72 EPS for the current year.

NIKE Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Monday, December 2nd. This is a boost from NIKE’s previous quarterly dividend of $0.37. NIKE’s dividend payout ratio is 49.38%.

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.