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

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

Analyst Ratings Changes

Several analysts recently issued reports on the stock. UBS Group reduced their price target on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, March 21st. Citigroup downgraded NIKE from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $102.00 to $72.00 in a research note on Friday, February 7th. DA Davidson raised NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Stifel Nicolaus dropped their price target 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. Finally, Royal Bank of Canada cut their target price on NIKE from $67.00 to $66.00 and set a “sector perform” rating on the stock in a research report on Friday, March 21st. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

NIKE Stock Performance

The company has a 50-day simple moving average of $74.16 and a two-hundred day simple moving average of $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. The firm has a market cap of $93.65 billion, a PE ratio of 19.54, a PEG ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE) last posted 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. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The business had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $11.02 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. NIKE’s revenue for the quarter was down 9.1% on a year-over-year basis. As a group, equities research analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a $0.40 dividend. 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 (DPR) is presently 53.16%.

Insider Activity

In related news, Chairman Mark G. Parker sold 169,732 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now owns 896,632 shares of the company’s stock, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

Several large investors have recently added to or reduced their stakes in NKE. JNBA Financial Advisors increased its holdings in shares of NIKE by 1.3% in the 4th quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock worth $760,000 after buying an additional 131 shares during the last quarter. Frisch Financial Group Inc. increased its position in shares of NIKE by 4.7% in the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock valued at $269,000 after acquiring an additional 136 shares during the period. Nations Financial Group Inc. IA ADV increased its holdings in NIKE by 0.7% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock valued at $1,547,000 after purchasing an additional 136 shares during the period. Elgethun Capital Management increased its stake in shares of NIKE by 13.7% during the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock valued at $94,000 after buying an additional 149 shares during the period. Finally, GAMMA Investing LLC raised its holdings in NIKE by 1.0% in the 4th quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock worth $1,136,000 after purchasing an additional 150 shares in the last quarter. 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.