NIKE (NYSE:NKE) Stock Price Down 2.4% – Here’s Why

NIKE, Inc. (NYSE:NKE) traded down 2.4% on Friday . The stock traded as low as $63.88 and last traded at $64.23. 5,264,568 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 12,441,027 shares. The stock had previously closed at $65.80.

Analysts Set New Price Targets

A number of research firms have commented on NKE. Jefferies Financial Group raised shares of NIKE from a “hold” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $115.00 in a report on Monday, February 24th. Piper Sandler upgraded NIKE from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $72.00 to $90.00 in a report on Friday, January 10th. Wells Fargo & Company reduced their target price on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. UBS Group decreased their target price on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, March 21st. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $80.00 price target on shares of NIKE in a research report on Monday, March 17th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.38.

NIKE Price Performance

The firm has a market cap of $93.65 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 2.52 and a beta of 1.02. The company’s fifty day moving average is $74.16 and its 200 day moving average is $76.93. The company has a quick ratio of 1.51, a current ratio of 2.22 and a debt-to-equity ratio of 0.57.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $11.27 billion for the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue was down 9.1% compared to the same quarter last year. On average, equities research analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio is 53.16%.

Insiders Place Their Bets

In other news, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently bought and sold shares of the stock. Caitlin John LLC increased its stake in shares of NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 200 shares during the period. Heck Capital Advisors LLC acquired a new position in NIKE in the 4th quarter valued at $28,000. Roxbury Financial LLC bought a new position in NIKE during the 4th quarter worth $30,000. LFA Lugano Financial Advisors SA increased its position in NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after buying an additional 210 shares during the period. Finally, Hopwood Financial Services Inc. acquired a new stake in shares of NIKE during the fourth quarter worth $30,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

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.