Mechanics Financial Corp Sells 200 Shares of NIKE, Inc. $NKE

Mechanics Financial Corp lowered its stake in shares of NIKE, Inc. (NYSE:NKE) by 16.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 985 shares of the footwear maker’s stock after selling 200 shares during the quarter. Mechanics Financial Corp’s holdings in NIKE were worth $70,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Spire Wealth Management grew its position in NIKE by 4.4% in the 1st quarter. Spire Wealth Management now owns 9,872 shares of the footwear maker’s stock valued at $627,000 after acquiring an additional 416 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in NIKE by 0.6% in the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,008,340 shares of the footwear maker’s stock valued at $69,932,000 after acquiring an additional 5,601 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd bought a new position in NIKE in the 1st quarter valued at $25,963,000. BROOKFIELD Corp ON grew its position in NIKE by 36.2% in the 1st quarter. BROOKFIELD Corp ON now owns 658,598 shares of the footwear maker’s stock valued at $41,808,000 after acquiring an additional 175,000 shares during the last quarter. Finally, Olstein Capital Management L.P. grew its position in NIKE by 42.2% in the 1st quarter. Olstein Capital Management L.P. now owns 91,000 shares of the footwear maker’s stock valued at $5,777,000 after acquiring an additional 27,000 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Trading Up 0.5%

Shares of NYSE NKE opened at $74.59 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.50. The stock has a market capitalization of $110.16 billion, a P/E ratio of 38.25, a price-to-earnings-growth ratio of 2.79 and a beta of 1.29. NIKE, Inc. has a 1-year low of $52.28 and a 1-year high of $84.76. The business has a fifty day moving average price of $74.71 and a 200 day moving average price of $67.32.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Tuesday, September 30th. The footwear maker reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to analysts’ expectations of $10.96 billion. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 EPS. Equities research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, September 2nd. NIKE’s dividend payout ratio is 82.05%.

Insider Buying and Selling at NIKE

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $75.93, for a total value of $6,535,902.54. Following the completion of the sale, the chairman directly owned 744,988 shares in the company, valued at approximately $56,566,938.84. This trade represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on NKE. Piper Sandler set a $84.00 price objective on NIKE and gave the company an “overweight” rating in a research report on Wednesday. Stifel Nicolaus set a $68.00 price objective on NIKE and gave the company a “hold” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $78.00 price target on shares of NIKE in a research report on Wednesday. Sanford C. Bernstein reissued a “buy” rating and set a $90.00 price target on shares of NIKE in a research report on Wednesday. Finally, Barclays set a $70.00 price target on NIKE and gave the stock a “positive” rating in a research report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.57.

NIKE 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.