NIKE (NYSE:NKE) Trading 2% Higher – Here’s Why

Shares of NIKE, Inc. (NYSE:NKE) rose 2% during mid-day trading on Friday . The stock traded as high as $63.75 and last traded at $63.65. Approximately 4,669,939 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 14,782,683 shares. The stock had previously closed at $62.40.

Analyst Ratings Changes

NKE has been the topic of several research reports. Wells Fargo & Company raised their target price on shares of NIKE from $55.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday. Robert W. Baird dropped their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a report on Friday, March 21st. Citigroup dropped their target price on shares of NIKE from $72.00 to $57.00 and set a “neutral” rating on the stock in a report on Monday, April 28th. Barclays dropped their target price on shares of NIKE from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Monday, May 12th. Finally, Guggenheim restated a “buy” rating and issued a $110.00 target price on shares of NIKE in a report on Wednesday, February 12th. Seventeen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.30.

NIKE Stock Up 1.2%

The stock has a market capitalization of $93.38 billion, a P/E ratio of 19.48, a P/E/G ratio of 2.52 and a beta of 1.23. The company’s 50-day moving average price is $61.07 and its 200 day moving average price is $70.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22.

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

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.53%. NIKE’s dividend payout ratio is currently 53.16%.

Insider Buying and Selling at NIKE

In related news, Director Robert Holmes Swan purchased 8,600 shares of NIKE stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the acquisition, the director now owns 31,983 shares in the company, valued at approximately $1,869,726.18. The trade was a 36.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.

Institutional Trading of NIKE

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. 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 valued at $760,000 after acquiring an additional 131 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its holdings in shares of NIKE by 0.7% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock worth $1,547,000 after buying an additional 136 shares during the last quarter. Elgethun Capital Management increased its holdings in shares of NIKE by 13.7% in the 4th quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock worth $94,000 after buying an additional 149 shares during the last quarter. Game Plan Financial Advisors LLC increased its holdings in shares of NIKE by 11.1% in the 4th quarter. Game Plan Financial Advisors LLC now owns 1,500 shares of the footwear maker’s stock worth $114,000 after buying an additional 150 shares during the last quarter. Finally, AlTi Global Inc. increased its holdings in shares of NIKE by 0.4% in the 4th quarter. AlTi Global Inc. now owns 36,996 shares of the footwear maker’s stock worth $2,813,000 after buying an additional 150 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

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.