NIKE (NYSE:NKE) Shares Up 0.7% – Here’s What Happened

Shares of NIKE, Inc. (NYSE:NKE) were up 0.7% during mid-day trading on Monday . The stock traded as high as $63.99 and last traded at $63.75. Approximately 4,805,957 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 12,899,907 shares. The stock had previously closed at $63.29.

Analyst Ratings Changes

NKE has been the topic of a number of analyst reports. Jefferies Financial Group upgraded shares of NIKE from a “hold” rating to a “buy” rating and lifted their price objective for the company from $75.00 to $115.00 in a research report on Monday, February 24th. Piper Sandler raised shares of NIKE from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $90.00 in a report on Friday, January 10th. Morgan Stanley lowered their price objective on NIKE from $72.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, March 21st. DA Davidson raised NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Finally, Bank of America lowered their target price on shares of NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The business’s fifty day simple moving average is $74.16 and its 200 day simple moving average is $76.92. The stock has a market cap of $94.31 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS. On average, research analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.51%. NIKE’s payout ratio is currently 53.16%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the sale, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NKE. State Street Corp increased its holdings in shares of NIKE by 3.3% during the third quarter. State Street Corp now owns 57,916,789 shares of the footwear maker’s stock valued at $5,140,796,000 after purchasing an additional 1,862,021 shares during the period. Wellington Management Group LLP grew its position in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock valued at $2,749,903,000 after buying an additional 8,898,591 shares in the last quarter. Geode Capital Management LLC increased its stake in NIKE by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock valued at $1,915,110,000 after buying an additional 347,178 shares during the period. Capital World Investors raised its position in shares of NIKE by 10.3% during the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock worth $1,857,389,000 after buying an additional 2,288,627 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock worth $1,541,246,000 after buying an additional 3,121,929 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

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.