NIKE (NYSE:NKE) Trading Down 1.2% – Here’s Why

NIKE, Inc. (NYSE:NKE)’s stock price dropped 1.2% on Friday . The stock traded as low as $61.02 and last traded at $61.8430. Approximately 14,292,380 shares changed hands during trading, a decline of 11% from the average daily volume of 16,110,660 shares. The stock had previously closed at $62.60.

Analyst Ratings Changes

Several equities analysts recently commented on NKE shares. Barclays restated a “neutral” rating on shares of NIKE in a research report on Thursday, January 15th. Truist Financial set a $69.00 target price on shares of NIKE in a research report on Wednesday, January 14th. Argus cut their price target on NIKE from $85.00 to $70.00 in a research note on Tuesday, December 23rd. KeyCorp cut their price objective on shares of NIKE from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, January 22nd. Finally, UBS Group restated a “neutral” rating on shares of NIKE in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NIKE has an average rating of “Moderate Buy” and a consensus price target of $74.65.

NIKE Trading Down 1.2%

The firm has a 50-day moving average of $63.98 and a two-hundred day moving average of $68.77. The company has a current ratio of 2.06, a quick ratio of 1.40 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $91.55 billion, a P/E ratio of 36.38, a P/E/G ratio of 3.24 and a beta of 1.28.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, December 18th. The footwear maker reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. The company had revenue of $12.43 billion for the quarter, compared to the consensus estimate of $12.19 billion. NIKE had a return on equity of 18.43% and a net margin of 5.43%.NIKE’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. On average, analysts anticipate that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 1st were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.7%. This is a boost from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. NIKE’s dividend payout ratio is currently 96.47%.

Insiders Place Their Bets

In other news, Director Robert Holmes Swan purchased 8,691 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were acquired at an average price of $57.54 per share, with a total value of $500,080.14. Following the completion of the transaction, the director owned 43,293 shares of the company’s stock, valued at $2,491,079.22. The trade was a 25.12% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy D. Cook acquired 50,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was acquired at an average cost of $58.97 per share, with a total value of $2,948,500.00. Following the completion of the transaction, the director owned 105,480 shares in the company, valued at approximately $6,220,155.60. This represents a 90.12% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 91,229 shares of company stock valued at $5,452,640 over the last quarter. Company insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently modified their holdings of NKE. Mascoma Wealth Management LLC bought a new position in NIKE during the second quarter worth $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of NIKE during the second quarter valued at about $31,000. Guerra Advisors Inc bought a new position in shares of NIKE during the 3rd quarter worth about $34,000. Gordian Capital Singapore Pte Ltd acquired a new position in NIKE during the 3rd quarter worth approximately $35,000. Finally, Accredited Wealth Management LLC lifted its holdings in shares of NIKE by 268.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 516 shares of the footwear maker’s stock worth $36,000 after purchasing an additional 376 shares in the last quarter. 64.25% of the stock is currently owned by institutional investors.

About NIKE

Nike, Inc (NYSE: NKE) is a global designer, marketer and distributor of athletic footwear, apparel, equipment and accessories. Founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and renamed Nike in 1971, the company is headquartered near Beaverton, Oregon. Nike develops and commercializes products across performance and lifestyle categories for sports including running, basketball, soccer and training, and is known for signature technologies and design-driven product lines.

The company markets products under several primary brands, including Nike, Jordan and Converse, and sells through a combination of wholesale relationships, branded retail stores and direct-to-consumer channels such as company-operated stores and digital platforms (e.g., Nike.com and mobile apps).