Mechanics Bank Trust Department Has $587,000 Holdings in NIKE, Inc. (NYSE:NKE)

Mechanics Bank Trust Department lessened its holdings in NIKE, Inc. (NYSE:NKE) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,250 shares of the footwear maker’s stock after selling 1,095 shares during the period. Mechanics Bank Trust Department’s holdings in NIKE were worth $587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Klein Pavlis & Peasley Financial Inc. raised its holdings in NIKE by 31.1% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock worth $1,955,000 after acquiring an additional 6,124 shares during the period. Renaissance Technologies LLC raised its holdings in NIKE by 1,302.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock worth $196,901,000 after acquiring an additional 2,416,601 shares during the period. Capitolis Liquid Global Markets LLC raised its holdings in NIKE by 40.9% in the 4th quarter. Capitolis Liquid Global Markets LLC now owns 310,000 shares of the footwear maker’s stock worth $23,458,000 after acquiring an additional 90,000 shares during the period. Janus Henderson Group PLC raised its holdings in NIKE by 8.3% in the 4th quarter. Janus Henderson Group PLC now owns 6,081,021 shares of the footwear maker’s stock worth $460,160,000 after acquiring an additional 463,470 shares during the period. Finally, Markel Group Inc. raised its holdings in NIKE by 0.8% in the 4th quarter. Markel Group Inc. now owns 432,400 shares of the footwear maker’s stock worth $32,720,000 after acquiring an additional 3,500 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on NKE shares. Truist Financial dropped their target price on shares of NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, March 21st. JPMorgan Chase & Co. dropped their target price on shares of NIKE from $64.00 to $56.00 and set a “neutral” rating on the stock in a report on Monday, May 5th. Berenberg Bank began coverage on shares of NIKE in a report on Tuesday, April 15th. They set a “hold” rating and a $58.00 price objective on the stock. Stifel Nicolaus lowered their target price on shares of NIKE from $75.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, April 10th. Finally, Guggenheim reissued a “buy” rating and issued a $110.00 target price on shares of NIKE in a research note on Wednesday, February 12th. Seventeen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $80.26.

Insiders Place Their Bets

In related news, Director Robert Holmes Swan acquired 8,600 shares of the stock in a transaction dated Friday, April 4th. The stock was bought at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the transaction, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. The trade was a 36.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

NIKE Price Performance

Shares of NKE stock opened at $60.52 on Monday. NIKE, Inc. has a 1 year low of $52.28 and a 1 year high of $98.04. The firm’s 50 day moving average is $59.08 and its 200-day moving average is $69.58. The firm has a market capitalization of $89.52 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.52 and a beta of 1.23. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the prior year, the business posted $0.98 earnings per share. NIKE’s revenue was down 9.1% compared to the same quarter last year. Sell-side analysts forecast that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.40 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.60 annualized dividend and a yield of 2.64%. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

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.