NIKE (NYSE:NKE) Shares Up 1.1% - Here's What Happened

NIKE, Inc. (NYSE:NKE - Get Free Report) shares rose 1.1% on Thursday . The stock traded as high as $54.59 and last traded at $54.12. Approximately 3,570,184 shares were traded during trading, a decline of 75% from the average daily volume of 14,105,486 shares. The stock had previously closed at $53.55.

Wall Street Analyst Weigh In

Several brokerages have commented on NKE. Dbs Bank raised shares of NIKE from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Royal Bank of Canada cut their price target on NIKE from $67.00 to $66.00 and set a "sector perform" rating on the stock in a report on Friday, March 21st. Wells Fargo & Company decreased their price objective on NIKE from $90.00 to $85.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Berenberg Bank assumed coverage on shares of NIKE in a research note on Tuesday. They issued a "hold" rating and a $58.00 price target for the company. Finally, Piper Sandler dropped their price objective on shares of NIKE from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. Sixteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $85.15.

NIKE Stock Performance

The stock has a market capitalization of $82.44 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 2.52 and a beta of 1.15. The firm has a fifty day moving average of $68.39 and a 200-day moving average of $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.

NIKE (NYSE:NKE - Get Free Report) last issued its quarterly earnings data 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 firm's revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.98 EPS. As a group, sell-side analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.87%. NIKE's dividend payout ratio is currently 53.16%.

Insider Activity at NIKE

In related news, Director Robert Holmes Swan acquired 8,600 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $58.46 per share, with a total value of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. The trade was a 36.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the company's stock in a transaction dated Friday, February 14th. The shares were 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 owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NIKE

Institutional investors have recently added to or reduced their stakes in the business. Range Financial Group LLC purchased a new position in shares of NIKE during the 4th quarter worth about $642,000. Cacti Asset Management LLC acquired a new position in shares of NIKE in the 4th quarter valued at $9,987,000. Capricorn Fund Managers Ltd acquired a new stake in shares of NIKE during the 4th quarter worth $5,384,000. Klein Pavlis & Peasley Financial Inc. raised its position in shares of NIKE by 31.1% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker's stock worth $1,955,000 after buying an additional 6,124 shares during the period. Finally, FNY Investment Advisers LLC grew its position in NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker's stock valued at $654,000 after acquiring an additional 8,504 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.