Nike (NYSE:NKE) Shares Gap Up to $93.72

Nike Inc (NYSE:NKE)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $91.56, but opened at $93.72. Nike shares last traded at $95.79, with a volume of 6,945,412 shares changing hands.

Several equities analysts recently weighed in on the company. Susquehanna Bancshares set a $106.00 target price on Nike and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Needham & Company LLC set a $98.00 price objective on shares of Nike and gave the company a “buy” rating in a research note on Friday, October 11th. ValuEngine lowered shares of Nike from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. set a $105.00 target price on shares of Nike and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Finally, Exane BNP Paribas initiated coverage on shares of Nike in a report on Friday, October 4th. They issued an “underperform” rating and a $82.00 target price for the company. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have assigned a buy rating to the stock. Nike has a consensus rating of “Buy” and a consensus price target of $98.19.

The firm has a market cap of $145.94 billion, a P/E ratio of 38.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.83. The business’s 50 day moving average is $92.34 and its 200-day moving average is $87.25. The company has a quick ratio of 1.29, a current ratio of 2.01 and a debt-to-equity ratio of 0.67.

Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 24th. The footwear maker reported $0.86 EPS for the quarter, topping the consensus estimate of $0.71 by $0.15. The business had revenue of $10.66 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Nike had a net margin of 10.81% and a return on equity of 47.92%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.67 earnings per share. As a group, equities analysts predict that Nike Inc will post 2.97 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.245 per share. This is a positive change from Nike’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, November 29th. This represents a $0.98 annualized dividend and a yield of 1.02%. Nike’s payout ratio is presently 39.36%.

In other news, CFO Andrew Campion sold 6,301 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $86.96, for a total transaction of $547,934.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark G. Parker sold 165,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $93.55, for a total value of $15,435,750.00. Following the sale, the chief executive officer now owns 2,046,040 shares in the company, valued at $191,407,042. The disclosure for this sale can be found here. Insiders sold a total of 601,445 shares of company stock valued at $55,696,403 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Main Street Research LLC lifted its stake in shares of Nike by 3.3% in the 3rd quarter. Main Street Research LLC now owns 3,440 shares of the footwear maker’s stock worth $323,000 after acquiring an additional 109 shares during the period. Asset Dedication LLC raised its holdings in Nike by 0.6% during the third quarter. Asset Dedication LLC now owns 20,144 shares of the footwear maker’s stock worth $1,898,000 after purchasing an additional 114 shares in the last quarter. SlateStone Wealth LLC lifted its position in Nike by 0.5% in the third quarter. SlateStone Wealth LLC now owns 22,341 shares of the footwear maker’s stock worth $2,098,000 after purchasing an additional 115 shares during the period. Strategic Advisors LLC lifted its position in Nike by 3.3% in the third quarter. Strategic Advisors LLC now owns 3,713 shares of the footwear maker’s stock worth $349,000 after purchasing an additional 118 shares during the period. Finally, Ballentine Partners LLC boosted its stake in Nike by 0.5% during the 3rd quarter. Ballentine Partners LLC now owns 23,415 shares of the footwear maker’s stock valued at $2,199,000 after purchasing an additional 120 shares in the last quarter. 65.12% of the stock is currently owned by institutional investors and hedge funds.

About Nike (NYSE:NKE)

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

Further Reading: Margin

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