NIKE (NYSE:NKE) Stock Price Down 1.1% – What’s Next?

NIKE, Inc. (NYSE:NKE) was down 1.1% on Tuesday . The company traded as low as $66.72 and last traded at $66.68. Approximately 4,591,829 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 12,408,980 shares. The stock had previously closed at $67.39.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NKE shares. Piper Sandler raised NIKE from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $72.00 to $90.00 in a report on Friday, January 10th. Truist Financial cut their price target on shares of NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Stifel Nicolaus lowered their price objective on shares of NIKE from $79.00 to $75.00 and set a “hold” rating on the stock in a research report on Friday, December 20th. Evercore ISI reduced their target price on NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. dropped their price target on NIKE from $73.00 to $64.00 and set a “neutral” rating for the company in a research note on Friday, March 21st. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.38.

NIKE Trading Up 0.2 %

The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a market cap of $97.42 billion, a PE ratio of 20.33, a PEG ratio of 2.52 and a beta of 1.02. The stock has a 50 day moving average price of $74.42 and a 200 day moving average price of $77.13.

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 business had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. Sell-side analysts predict that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

Insider Activity

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the acquisition, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction on Friday, February 14th. The stock was sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the sale, the chairman now directly owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of NIKE in the 4th quarter worth $1,126,288,000. Wellington Management Group LLP boosted its position in NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after purchasing an additional 8,898,591 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of NIKE by 6,029.6% during the 4th quarter. Pacer Advisors Inc. now owns 6,821,270 shares of the footwear maker’s stock valued at $516,166,000 after purchasing an additional 6,709,985 shares during the period. Bank of New York Mellon Corp increased its position in shares of NIKE by 18.1% during the 4th quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after purchasing an additional 3,121,929 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of NIKE by 1,302.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock worth $196,901,000 after purchasing an additional 2,416,601 shares during the period. Institutional investors own 64.25% of the company’s stock.

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.