NIKE (NYSE:NKE) Stock Price Up 3.2% – Here’s What Happened

NIKE, Inc. (NYSE:NKE) shot up 3.2% on Friday . The company traded as high as $54.22 and last traded at $57.35. 16,282,663 shares were traded during trading, an increase of 23% from the average session volume of 13,253,903 shares. The stock had previously closed at $55.58.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NKE. Deutsche Bank Aktiengesellschaft cut their price target on shares of NIKE from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Needham & Company LLC cut their target price on NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Truist Financial decreased their target price on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, March 21st. China Renaissance started coverage on NIKE in a research note on Wednesday, March 19th. They issued a “hold” rating on the stock. Finally, BMO Capital Markets reduced their price objective on shares of NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and an average price target of $87.38.

NIKE Stock Up 2.9 %

The stock’s 50-day simple moving average is $72.96 and its 200-day simple moving average is $76.30. 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 firm has a market capitalization of $84.57 billion, a P/E ratio of 17.65, a P/E/G ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE) last released its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. NIKE’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 earnings per share. As a group, research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE’s payout ratio is 53.16%.

Insider Buying and Selling

In related news, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the sale, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by insiders.

Institutional Trading of NIKE

A number of large investors have recently bought and sold shares of NKE. JNBA Financial Advisors increased its holdings in NIKE by 1.3% in the 4th quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock worth $760,000 after acquiring an additional 131 shares during the last quarter. Frisch Financial Group Inc. boosted its position in NIKE by 4.7% during the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock worth $269,000 after purchasing an additional 136 shares during the period. Nations Financial Group Inc. IA ADV increased its stake in shares of NIKE by 0.7% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock worth $1,547,000 after purchasing an additional 136 shares in the last quarter. Elgethun Capital Management increased its stake in shares of NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock worth $94,000 after purchasing an additional 149 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of NIKE by 1.0% in the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after purchasing an additional 150 shares during the period. 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.