Spirit of America Management Corp NY Raises Stock Position in NIKE, Inc. (NYSE:NKE)

Spirit of America Management Corp NY boosted its position in shares of NIKE, Inc. (NYSE:NKE) by 114.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,500 shares of the footwear maker’s stock after acquiring an additional 800 shares during the period. Spirit of America Management Corp NY’s holdings in NIKE were worth $133,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its stake in NIKE by 86.0% during the first quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after acquiring an additional 9,689 shares in the last quarter. FORA Capital LLC purchased a new position in NIKE during the first quarter valued at approximately $3,412,000. Lafayette Investments Inc. grew its stake in NIKE by 90.7% in the 3rd quarter. Lafayette Investments Inc. now owns 46,097 shares of the footwear maker’s stock worth $4,075,000 after buying an additional 21,922 shares in the last quarter. Cetera Advisors LLC grew its stake in NIKE by 85.5% in the 1st quarter. Cetera Advisors LLC now owns 88,299 shares of the footwear maker’s stock worth $8,298,000 after buying an additional 40,704 shares in the last quarter. Finally, Koshinski Asset Management Inc. purchased a new position in NIKE in the 1st quarter worth approximately $713,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Trading Down 0.2 %

NYSE:NKE opened at $78.85 on Friday. The company has a 50-day moving average price of $82.79 and a 200-day moving average price of $85.06. NIKE, Inc. has a 12 month low of $70.75 and a 12 month high of $123.39. The company has a current ratio of 2.36, a quick ratio of 1.58 and a debt-to-equity ratio of 0.57. The stock has a market cap of $118.22 billion, a price-to-earnings ratio of 22.59, a P/E/G ratio of 1.95 and a beta of 1.02.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion during the quarter, compared to analyst estimates of $11.64 billion. NIKE had a net margin of 10.60% and a return on equity of 39.84%. NIKE’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. Equities analysts predict that NIKE, Inc. will post 2.78 EPS for the current year.

NIKE Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.88%. NIKE’s payout ratio is 42.41%.

Analysts Set New Price Targets

A number of equities analysts have commented on NKE shares. TD Cowen boosted their price target on shares of NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. UBS Group boosted their price target on shares of NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Wedbush cut their price target on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Piper Sandler reissued a “neutral” rating and issued a $80.00 price target on shares of NIKE in a research note on Friday, September 20th. Finally, Bank of America reduced their target price on shares of NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.56.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is owned by company insiders.

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.