NIKE (NYSE:NKE) Announces Earnings Results

NIKE (NYSE:NKE) released its earnings results on Thursday. The footwear maker reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16, FiscalAI reports. NIKE had a return on equity of 21.16% and a net margin of 6.23%.The business had revenue of $12.43 billion for the quarter, compared to analyst estimates of $12.19 billion.

NIKE Stock Up 0.1%

NYSE:NKE traded up $0.08 during trading hours on Thursday, hitting $65.77. 25,734,629 shares of the company’s stock traded hands, compared to its average volume of 15,908,975. NIKE has a twelve month low of $52.28 and a twelve month high of $82.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. The firm has a market cap of $97.22 billion, a P/E ratio of 33.73, a P/E/G ratio of 2.37 and a beta of 1.29. The stock’s fifty day moving average price is $65.23 and its two-hundred day moving average price is $69.44.

NIKE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.5%. This is an increase from NIKE’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, December 1st. NIKE’s payout ratio is 84.10%.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $64.80, for a total value of $5,577,854.40. Following the completion of the sale, the chairman directly owned 647,615 shares of the company’s stock, valued at $41,965,452. This represents a 11.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 16,150 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average cost of $62.09 per share, for a total transaction of $1,002,753.50. Following the purchase, the director owned 21,388 shares in the company, valued at $1,327,980.92. This represents a 308.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.80% of the company’s stock.

Institutional Trading of NIKE

Institutional investors and hedge funds have recently made changes to their positions in the company. Strive Asset Management LLC purchased a new position in NIKE in the third quarter worth $40,000. Measured Wealth Private Client Group LLC bought a new stake in NIKE in the third quarter valued at approximately $96,000. One68 Global Capital LLC purchased a new stake in NIKE in the 3rd quarter worth approximately $209,000. SeaCrest Wealth Management LLC boosted its position in NIKE by 8.8% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 3,130 shares of the footwear maker’s stock valued at $216,000 after acquiring an additional 252 shares in the last quarter. Finally, E Fund Management Co. Ltd. bought a new stake in NIKE during the second quarter worth about $217,000. Institutional investors own 64.25% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on NKE. Jefferies Financial Group reiterated a “buy” rating and issued a $115.00 target price on shares of NIKE in a research note on Friday, December 12th. Wall Street Zen raised NIKE from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Morgan Stanley set a $72.00 price objective on NIKE and gave the stock a “positive” rating in a research report on Wednesday, October 1st. Royal Bank Of Canada reiterated an “outperform” rating on shares of NIKE in a research report on Friday, October 10th. Finally, Cowen upgraded shares of NIKE from a “hold” rating to a “buy” rating in a research report on Wednesday, September 10th. Four analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.24.

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.