NIKE (NYSE:NKE) Trading Down 0.2% – Here’s What Happened

NIKE, Inc. (NYSE:NKE) shares traded down 0.2% on Wednesday . The stock traded as low as $52.80 and last traded at $53.17. 9,231,418 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 13,647,384 shares. The stock had previously closed at $53.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. DA Davidson raised NIKE to a “strong-buy” rating in a report on Monday, December 23rd. Evercore ISI lowered their price target on NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. UBS Group lowered their price objective on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Piper Sandler decreased their price objective on NIKE from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Cfra Research upgraded shares of NIKE to a “moderate buy” rating in a research report on Friday, March 21st. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $86.19.

NIKE Stock Up 0.1 %

The firm has a market cap of $80.52 billion, a PE ratio of 16.80, a PEG ratio of 2.52 and a beta of 1.15. The stock has a 50 day simple moving average of $70.48 and a 200-day simple moving average of $75.16. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

NIKE (NYSE:NKE) last announced its quarterly earnings data 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 company had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. NIKE’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. Sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were given a $0.40 dividend. The ex-dividend date was Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 2.94%. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction on 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 in the company, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert Holmes Swan bought 8,600 shares of the company’s stock in a transaction on Friday, April 4th. The stock was purchased at an average cost of $58.46 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of NIKE in the fourth quarter worth $1,126,288,000. Wellington Management Group LLP grew its position in shares of NIKE by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after purchasing an additional 8,898,591 shares in the last quarter. Pacer Advisors Inc. grew its holdings in NIKE by 6,029.6% during the 4th quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock valued at $516,166,000 after buying an additional 6,709,985 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NIKE by 18.1% during the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of NIKE by 1,302.7% in the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock worth $196,901,000 after buying an additional 2,416,601 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other 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.