NIKE (NYSE:NKE) Shares Down 2.4% – Here’s What Happened

Shares of NIKE, Inc. (NYSE:NKE) fell 2.4% during trading on Friday . The company traded as low as $63.88 and last traded at $64.23. 5,264,568 shares were traded 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.

Wall Street Analyst Weigh In

NKE has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of NIKE from $73.00 to $64.00 and set a “neutral” rating on the stock in a report on Friday, March 21st. Evercore ISI decreased their target price on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. BMO Capital Markets dropped their price target on NIKE from $95.00 to $92.00 and set an “outperform” rating for the company in a research note on Friday, March 21st. Cfra Research raised NIKE to a “moderate buy” rating in a report on Friday, March 21st. Finally, Robert W. Baird lowered their target price on NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday, March 21st. Fifteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

NIKE Stock Performance

The company has a market capitalization of $93.68 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a 50 day moving average price of $74.31 and a 200 day moving average price of $77.05. 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 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 firm had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was down 9.1% compared to the same quarter last year. Equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

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 paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is 53.16%.

Insider Activity

In related news, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares of the company’s stock, valued at $65,301,708.56. The trade was a 15.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

Several large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of NIKE in the fourth quarter valued at approximately $1,126,288,000. Wellington Management Group LLP grew its stake in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock valued at $2,749,903,000 after purchasing an additional 8,898,591 shares during the period. Pacer Advisors Inc. grew its stake in NIKE by 6,029.6% in 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 raised its stake in shares of NIKE by 1,302.7% during 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. 64.25% of the stock is currently owned by institutional investors.

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.