NIKE (NYSE:NKE) Trading 4.1% Higher – Here’s What Happened

Shares of NIKE, Inc. (NYSE:NKE) rose 4.1% on Friday . The stock traded as high as $56.02 and last traded at $55.73. Approximately 18,891,139 shares traded hands during trading, an increase of 33% from the average daily volume of 14,180,177 shares. The stock had previously closed at $53.55.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Piper Sandler decreased their price target on NIKE from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, April 11th. Guggenheim reaffirmed a “buy” rating and issued a $110.00 target price on shares of NIKE in a research note on Wednesday, February 12th. China Renaissance assumed coverage on shares of NIKE in a research report on Wednesday, March 19th. They set a “hold” rating for the company. Cfra Research raised shares of NIKE to a “moderate buy” rating in a report on Friday, March 21st. Finally, Stifel Nicolaus lowered their price objective on shares of NIKE from $75.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, April 10th. Sixteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus target price of $85.15.

NIKE Price Performance

The firm’s fifty day simple moving average is $68.39 and its 200-day simple moving average is $73.79. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $82.44 billion, a PE ratio of 17.20, a PEG ratio of 2.52 and a beta of 1.15.

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

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were paid a $0.40 dividend. The ex-dividend date was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.87%. NIKE’s dividend payout ratio is presently 53.16%.

Insider Activity at NIKE

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. Also, Director Robert Holmes Swan acquired 8,600 shares of the stock in a transaction dated Friday, April 4th. The stock was acquired at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the purchase, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. This trade represents a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC grew its stake in shares of NIKE by 65.4% during the 3rd quarter. Tidal Investments LLC now owns 105,571 shares of the footwear maker’s stock valued at $9,332,000 after acquiring an additional 41,752 shares during the period. Denver PWM LLC lifted its holdings in NIKE by 9.7% during the third quarter. Denver PWM LLC now owns 2,574 shares of the footwear maker’s stock valued at $228,000 after purchasing an additional 227 shares in the last quarter. Confluence Investment Management LLC boosted its position in shares of NIKE by 6.3% in the fourth quarter. Confluence Investment Management LLC now owns 246,080 shares of the footwear maker’s stock worth $18,621,000 after purchasing an additional 14,592 shares during the period. Cacti Asset Management LLC purchased a new stake in shares of NIKE in the fourth quarter worth $9,987,000. Finally, GAMMA Investing LLC raised its position in shares of NIKE by 1.0% during the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after purchasing an additional 150 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Company Profile

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.