NIKE (NYSE:NKE) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

NIKE, Inc. (NYSE:NKE) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 7,379,743 shares changed hands during mid-day trading, a decline of 36% from the previous session’s volume of 11,531,662 shares.The stock last traded at $76.36 and had previously closed at $77.10.

The footwear maker reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.15. NIKE had a net margin of 10.60% and a return on equity of 39.84%. The company had revenue of $12.35 billion during the quarter, compared to analyst estimates of $12.11 billion. During the same period in the prior year, the business posted $1.03 EPS. The firm’s revenue was down 7.7% compared to the same quarter last year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.08%. This is an increase from NIKE’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, December 2nd. NIKE’s dividend payout ratio is 45.85%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Piper Sandler reiterated a “neutral” rating and issued a $80.00 price objective on shares of NIKE in a research note on Friday, September 20th. Evercore ISI decreased their target price on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Stifel Nicolaus cut their price objective on shares of NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a report on Friday. JPMorgan Chase & Co. cut their target price on shares of NIKE from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Monday, December 2nd. Finally, Sanford C. Bernstein cut their target price on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, NIKE presently has an average rating of “Moderate Buy” and an average price target of $89.77.

Institutional Trading of NIKE

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Loomis Sayles & Co. L P lifted its position in NIKE by 1,209,638.7% during the third quarter. Loomis Sayles & Co. L P now owns 6,508,394 shares of the footwear maker’s stock worth $575,342,000 after buying an additional 6,507,856 shares during the period. State Street Corp grew its stake in shares of NIKE by 3.3% in 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 buying an additional 1,862,021 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of NIKE in the third quarter valued at about $148,635,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of NIKE in the third quarter valued at about $144,927,000. Finally, Renaissance Technologies LLC grew its stake in shares of NIKE by 351.7% in the second quarter. Renaissance Technologies LLC now owns 1,991,519 shares of the footwear maker’s stock valued at $150,101,000 after buying an additional 1,550,611 shares in the last quarter. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Trading Down 0.2 %

The company has a quick ratio of 1.58, a current ratio of 2.36 and a debt-to-equity ratio of 0.57. The firm has a market cap of $115.36 billion, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. The business has a 50 day moving average price of $78.07 and a 200-day moving average price of $80.55.

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.