Mechanics Bank Trust Department Boosts Stock Position in NIKE, Inc. (NYSE:NKE)

Mechanics Bank Trust Department raised its stake in NIKE, Inc. (NYSE:NKE) by 8.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,034 shares of the footwear maker’s stock after purchasing an additional 1,414 shares during the period. Mechanics Bank Trust Department’s holdings in NIKE were worth $1,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Morgan Stanley grew its stake in NIKE by 26.4% in the fourth quarter. Morgan Stanley now owns 30,720,119 shares of the footwear maker’s stock valued at $3,594,561,000 after purchasing an additional 6,410,744 shares during the last quarter. Geode Capital Management LLC grew its stake in NIKE by 0.5% in the first quarter. Geode Capital Management LLC now owns 22,478,963 shares of the footwear maker’s stock valued at $2,750,643,000 after purchasing an additional 116,877 shares during the last quarter. FMR LLC grew its stake in NIKE by 11.8% in the first quarter. FMR LLC now owns 19,087,757 shares of the footwear maker’s stock valued at $2,340,922,000 after purchasing an additional 2,011,891 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in NIKE by 7.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,334,239 shares of the footwear maker’s stock valued at $2,028,279,000 after purchasing an additional 1,254,209 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC grew its stake in NIKE by 139,649.9% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 16,813,307 shares of the footwear maker’s stock valued at $1,967,325,000 after purchasing an additional 16,801,276 shares during the last quarter. Hedge funds and other institutional investors own 63.42% of the company’s stock.

Insider Buying and Selling

In related news, CFO Matthew Friend sold 5,545 shares of NIKE stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $107.00, for a total transaction of $593,315.00. Following the transaction, the chief financial officer now owns 42,119 shares in the company, valued at $4,506,733. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other NIKE news, EVP Monique S. Matheson sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $108.59, for a total transaction of $4,343,600.00. Following the completion of the sale, the executive vice president now owns 44,736 shares of the company’s stock, valued at $4,857,882.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Matthew Friend sold 5,545 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $107.00, for a total value of $593,315.00. Following the sale, the chief financial officer now directly owns 42,119 shares of the company’s stock, valued at approximately $4,506,733. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 157,251 shares of company stock worth $17,063,257. 0.50% of the stock is owned by corporate insiders.

NIKE Stock Performance

Shares of NIKE stock opened at $96.26 on Friday. NIKE, Inc. has a one year low of $82.22 and a one year high of $131.31. The company has a market cap of $147.27 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 1.72 and a beta of 1.12. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.81 and a current ratio of 2.72. The business’s 50 day moving average price is $104.70 and its 200 day moving average price is $112.71.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.02). NIKE had a return on equity of 34.01% and a net margin of 9.90%. The company had revenue of $12.80 billion for the quarter, compared to analysts’ expectations of $12.58 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, research analysts predict that NIKE, Inc. will post 3.71 EPS for the current year.

NIKE Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Tuesday, September 5th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, September 1st. This represents a $1.36 dividend on an annualized basis and a yield of 1.41%. NIKE’s payout ratio is 42.11%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wedbush increased their price objective on shares of NIKE from $129.00 to $131.00 and gave the company an “outperform” rating in a research report on Friday, June 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of NIKE from $133.00 to $126.00 in a research note on Friday, June 23rd. VNET Group reissued a “maintains” rating on shares of NIKE in a research report on Friday, June 30th. JPMorgan Chase & Co. cut their price objective on NIKE from $152.00 to $146.00 and set an “overweight” rating on the stock in a report on Wednesday, June 28th. Finally, Erste Group Bank reissued a “hold” rating on shares of NIKE in a report on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $130.28.

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.