Nike Shares Set a Fresh 52-Week High

Shares of Nike (NKE) printed a new 52-week high on Friday after the athletic footwear and apparel company raised its quarterly dividend by 15% to 31 cents a share. The co. said the cash dividend will be paid Dec. 30 to shareholders of record on Dec. 6.

Technically speaking, NKE has added more than 4% in electronic trading, with the shares returning year-to-date 29.75% as of today’s hod price of $86. The stock is currently above its 50-day moving average of $80.85 and below its 200-day moving average of $73.68. The shares — currently trading at a trailing P/E of 21.68, a forward P/E of 17.40, and a P/E to growth ratio of 1.77 — recently started pulling back to test the $80.00 support area, which in the last couple of sessions has acted as a springboard to launch NKE higher.

Looking at the ticker’s 1 year chart, as NKE continues its upward trajectory, a capitulation by the bears (short % of 360 million float is at 2.10%) could send the shares rallying even higher. Having said that however, the security’s Relative Strength Index now rests at a 66.90 – in relatively overbought terrain – suggesting that a pullback may be in the cards.

The 52 week trading range for shares of Nike Inc. has been between $60.89 and $86.00 per share. More than 3 million shares have already traded hands compared to a daily average of 2.7 million.

About Ron Haruni 1036 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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