Penobscot Investment Management Company Inc. Reduces Stock Holdings in NIKE, Inc. (NYSE:NKE)

Penobscot Investment Management Company Inc. decreased its holdings in NIKE, Inc. (NYSE:NKE) by 15.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,328 shares of the footwear maker’s stock after selling 8,155 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in NIKE were worth $4,813,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NKE. Field & Main Bank lifted its position in NIKE by 16.4% during the fourth quarter. Field & Main Bank now owns 1,430 shares of the footwear maker’s stock valued at $155,000 after buying an additional 202 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of NIKE by 20.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 79,174 shares of the footwear maker’s stock valued at $8,596,000 after acquiring an additional 13,444 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of NIKE by 11.1% during the fourth quarter. Van ECK Associates Corp now owns 3,318,959 shares of the footwear maker’s stock valued at $360,340,000 after acquiring an additional 332,518 shares in the last quarter. Steele Capital Management Inc. bought a new position in shares of NIKE during the fourth quarter valued at $1,098,000. Finally, Intrust Bank NA increased its holdings in shares of NIKE by 20.7% during the fourth quarter. Intrust Bank NA now owns 8,043 shares of the footwear maker’s stock valued at $873,000 after acquiring an additional 1,380 shares in the last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

Analyst Ratings Changes

NKE has been the subject of several analyst reports. Evercore ISI reduced their price target on NIKE from $127.00 to $117.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Barclays reduced their price objective on NIKE from $142.00 to $114.00 and set an “overweight” rating for the company in a report on Monday, March 25th. HSBC reduced their price objective on NIKE from $120.00 to $115.00 and set a “hold” rating for the company in a report on Monday, January 22nd. Robert W. Baird reduced their price objective on NIKE from $140.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Finally, Truist Financial reiterated a “hold” rating and issued a $111.00 price objective on shares of NIKE in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $116.26.

NIKE Price Performance

NYSE NKE traded down $0.98 during trading hours on Tuesday, reaching $93.08. The company’s stock had a trading volume of 2,202,456 shares, compared to its average volume of 9,287,486. The firm’s 50-day moving average price is $96.78 and its 200-day moving average price is $103.33. The company has a quick ratio of 1.89, a current ratio of 2.74 and a debt-to-equity ratio of 0.63. NIKE, Inc. has a 1 year low of $88.66 and a 1 year high of $128.68. The company has a market capitalization of $140.49 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.82 and a beta of 1.09.

NIKE (NYSE:NKE) last released its earnings results on Thursday, March 21st. The footwear maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.29. The firm had revenue of $12.43 billion for the quarter, compared to the consensus estimate of $12.28 billion. NIKE had a return on equity of 39.41% and a net margin of 10.14%. On average, equities research analysts predict that NIKE, Inc. will post 3.73 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 4th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Friday, March 1st. NIKE’s dividend payout ratio is currently 43.53%.

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.