King Luther Capital Management Corp Sells 394,546 Shares of NIKE, Inc. (NYSE:NKE)

King Luther Capital Management Corp trimmed its position in shares of NIKE, Inc. (NYSE:NKE - Free Report) by 55.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 316,021 shares of the footwear maker's stock after selling 394,546 shares during the quarter. King Luther Capital Management Corp's holdings in NIKE were worth $27,936,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NKE. Covestor Ltd increased its holdings in NIKE by 51.4% in the first quarter. Covestor Ltd now owns 825 shares of the footwear maker's stock valued at $77,000 after purchasing an additional 280 shares during the period. Advisors Asset Management Inc. increased its stake in shares of NIKE by 86.0% in the first quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker's stock valued at $1,970,000 after buying an additional 9,689 shares during the period. LRI Investments LLC bought a new position in shares of NIKE during the first quarter worth about $127,000. Epoch Investment Partners Inc. boosted its holdings in NIKE by 1.6% in the first quarter. Epoch Investment Partners Inc. now owns 14,326 shares of the footwear maker's stock valued at $1,346,000 after acquiring an additional 227 shares during the last quarter. Finally, GUARDCAP ASSET MANAGEMENT Ltd increased its position in NIKE by 1.1% during the 1st quarter. GUARDCAP ASSET MANAGEMENT Ltd now owns 4,765,315 shares of the footwear maker's stock valued at $447,844,000 after purchasing an additional 50,821 shares during the period. 64.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NKE has been the subject of several recent analyst reports. Royal Bank of Canada decreased their price objective on shares of NIKE from $82.00 to $80.00 and set a "sector perform" rating for the company in a research report on Thursday, November 7th. Truist Financial raised NIKE from a "hold" rating to a "buy" rating and boosted their price objective for the company from $83.00 to $97.00 in a research note on Thursday, October 10th. Guggenheim lowered their target price on NIKE from $115.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, October 2nd. UBS Group increased their price target on NIKE from $78.00 to $82.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of NIKE from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Friday, September 20th. Fourteen research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $95.86.

NIKE Trading Up 2.6 %

Shares of NIKE stock opened at $75.29 on Friday. The stock has a market capitalization of $112.88 billion, a P/E ratio of 21.57, a P/E/G ratio of 1.80 and a beta of 1.03. NIKE, Inc. has a 52-week low of $70.75 and a 52-week high of $123.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 2.36. The stock's 50-day simple moving average is $80.55 and its 200 day simple moving average is $82.78.

NIKE (NYSE:NKE - Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for 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%. The company's quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, research analysts anticipate that NIKE, Inc. will post 2.74 EPS for the current year.

NIKE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.60 annualized dividend and a dividend yield of 2.13%. This is an increase from NIKE's previous quarterly dividend of $0.37. NIKE's dividend payout ratio is currently 42.41%.

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.