NIKE (NYSE:NKE) Shares Down 2.4% - Here's What Happened

Shares of NIKE, Inc. (NYSE:NKE - Get Free Report) dropped 2.4% on Friday . The stock traded as low as $63.88 and last traded at $64.23. Approximately 5,264,568 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 12,441,027 shares. The stock had previously closed at $65.80.

Analyst Ratings Changes

Several equities research analysts have issued reports on NKE shares. Truist Financial dropped their target price on shares of NIKE from $90.00 to $82.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Deutsche Bank Aktiengesellschaft cut their target price on shares of NIKE from $92.00 to $82.00 and set a "buy" rating for the company in a research report on Monday, December 16th. Telsey Advisory Group restated a "market perform" rating and set a $80.00 price target on shares of NIKE in a research report on Monday, March 17th. Citigroup cut NIKE from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $102.00 to $72.00 in a report on Friday, February 7th. Finally, Evercore ISI decreased their price objective on NIKE from $105.00 to $97.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, NIKE presently has an average rating of "Moderate Buy" and a consensus target price of $87.38.

NIKE Trading Up 0.4 %

The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a market cap of $94.02 billion, a PE ratio of 19.62, a PEG ratio of 2.52 and a beta of 1.02. The stock has a 50 day moving average price of $74.16 and a 200 day moving average price of $76.92.

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NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.26. The firm had revenue of $11.27 billion for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business 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 announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE's dividend payout ratio is 53.16%.

Insider Activity

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 transaction of $12,361,581.56. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Heck Capital Advisors LLC bought a new stake in shares of NIKE during the fourth quarter valued at approximately $28,000. Caitlin John LLC lifted its holdings in shares of NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker's stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Roxbury Financial LLC bought a new position in shares of NIKE during the fourth quarter valued at $30,000. LFA Lugano Financial Advisors SA raised its position in NIKE by 110.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker's stock worth $30,000 after buying an additional 210 shares during the last quarter. Finally, Hopwood Financial Services Inc. bought a new position in NIKE during the 4th quarter valued at about $30,000. 64.25% of the stock is 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.