NIKE (NYSE:NKE) Trading Down 0.3% – Here’s What Happened

Shares of NIKE, Inc. (NYSE:NKE) traded down 0.3% on Friday . The company traded as low as $83.06 and last traded at $83.15. 1,411,839 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 11,673,237 shares. The stock had previously closed at $83.40.

Analyst Upgrades and Downgrades

NKE has been the subject of several recent research reports. Jefferies Financial Group upped their price target on NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Monday, September 30th. TD Cowen increased their target price on shares of NIKE from $71.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Guggenheim cut their price target on shares of NIKE from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Barclays reduced their price objective on shares of NIKE from $84.00 to $81.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. Finally, Bank of America dropped their target price on shares of NIKE from $104.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 2nd. Fourteen research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.56.

NIKE Price Performance

The business’s 50 day moving average is $82.64 and its two-hundred day moving average is $85.28. 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 firm has a market capitalization of $125.16 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.96 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Equities research analysts anticipate that NIKE, Inc. will post 2.8 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.78%. NIKE’s dividend payout ratio (DPR) is currently 39.68%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Longview Partners Guernsey LTD bought a new stake in NIKE during the first quarter valued at approximately $533,533,000. Capital World Investors lifted its holdings in shares of NIKE by 612.2% during the 1st quarter. Capital World Investors now owns 5,185,432 shares of the footwear maker’s stock worth $487,327,000 after acquiring an additional 4,457,376 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of NIKE by 45.6% during the 1st quarter. Jennison Associates LLC now owns 8,859,580 shares of the footwear maker’s stock worth $832,623,000 after acquiring an additional 2,775,510 shares during the last quarter. PineStone Asset Management Inc. grew its position in NIKE by 138.3% in the second quarter. PineStone Asset Management Inc. now owns 2,715,689 shares of the footwear maker’s stock worth $204,681,000 after acquiring an additional 1,576,049 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in 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 acquiring an additional 1,550,611 shares during the last quarter. Hedge funds and other 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.