NIKE (NYSE:NKE) Shares Up 1% – Here’s What Happened

NIKE, Inc. (NYSE:NKE) shares shot up 1% on Tuesday . The stock traded as high as $82.60 and last traded at $82.38. 2,331,094 shares were traded during mid-day trading, a decline of 80% from the average session volume of 11,691,879 shares. The stock had previously closed at $81.60.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NKE. The Goldman Sachs Group cut their price objective on shares of NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Evercore ISI cut their price target on NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. BMO Capital Markets decreased their price objective on NIKE from $118.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, June 28th. Truist Financial raised NIKE from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $97.00 in a research report on Thursday, October 10th. Finally, Raymond James reaffirmed a “market perform” rating on shares of NIKE in a research note on Friday, June 28th. Fourteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, NIKE presently has a consensus rating of “Moderate Buy” and an average target price of $96.56.

NIKE Price Performance

The company has a market cap of $124.19 billion, a PE ratio of 22.06, a PEG ratio of 1.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The stock’s 50-day moving average is $81.86 and its 200 day moving average is $85.49.

NIKE (NYSE:NKE) last announced its earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. The firm had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. The firm’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 EPS. On average, equities analysts anticipate that NIKE, Inc. will post 2.8 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were paid a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.80%. NIKE’s dividend payout ratio (DPR) is 39.68%.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of NIKE stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the sale, the chairman now owns 1,102,090 shares in the company, valued at $80,419,507.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several large investors have recently bought and sold shares of NKE. Scarborough Advisors LLC purchased a new stake in shares of NIKE in the 4th quarter valued at approximately $42,000. Richardson Financial Services Inc. purchased a new position in NIKE during the fourth quarter worth about $119,000. SageView Advisory Group LLC boosted its stake in NIKE by 192.9% during the fourth quarter. SageView Advisory Group LLC now owns 9,496 shares of the footwear maker’s stock worth $989,000 after buying an additional 6,254 shares during the period. Leo Wealth LLC purchased a new stake in shares of NIKE in the 4th quarter valued at approximately $423,000. Finally, HighPoint Advisor Group LLC acquired a new position in shares of NIKE in the 4th quarter worth approximately $2,137,000. 64.25% of the stock is currently owned by hedge funds and other 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.