NIKE (NYSE:NKE) Hits New 52-Week Low Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE) reached a new 52-week low during mid-day trading on Friday after Citigroup lowered their price target on the stock from $115.00 to $102.00. Citigroup currently has a buy rating on the stock. NIKE traded as low as $77.11 and last traded at $77.99, with a volume of 19187672 shares. The stock had previously closed at $94.19.

NKE has been the subject of several other research reports. The Goldman Sachs Group lowered their price objective on shares of NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a research report on Friday. Sanford C. Bernstein cut their price target on NIKE from $134.00 to $120.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. Wells Fargo & Company decreased their price objective on NIKE from $115.00 to $92.00 and set an “overweight” rating for the company in a report on Friday. TD Cowen cut their target price on NIKE from $89.00 to $75.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Guggenheim decreased their price target on shares of NIKE from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.96.

Insiders Place Their Bets

In other news, VP Johanna Nielsen sold 282 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $93.64, for a total transaction of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares in the company, valued at approximately $68,357.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other NIKE news, EVP Monique S. Matheson sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Johanna Nielsen sold 282 shares of NIKE stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the sale, the vice president now directly owns 730 shares of the company’s stock, valued at approximately $68,357.20. The disclosure for this sale can be found here. Insiders sold a total of 213,660 shares of company stock valued at $19,946,333 over the last ninety days. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NIKE

Hedge funds have recently bought and sold shares of the business. Sherbrooke Park Advisers LLC bought a new position in shares of NIKE during the third quarter worth approximately $432,000. United Services Automobile Association increased its stake in NIKE by 18.1% during the 3rd quarter. United Services Automobile Association now owns 33,626 shares of the footwear maker’s stock worth $3,215,000 after acquiring an additional 5,165 shares during the period. Kidder Stephen W raised its holdings in NIKE by 5.3% in the 3rd quarter. Kidder Stephen W now owns 36,552 shares of the footwear maker’s stock valued at $3,495,000 after acquiring an additional 1,850 shares in the last quarter. Gateway Advisory LLC acquired a new stake in shares of NIKE during the 3rd quarter worth $583,000. Finally, Quadrature Capital Ltd grew its holdings in shares of NIKE by 80.9% during the 3rd quarter. Quadrature Capital Ltd now owns 1,066,172 shares of the footwear maker’s stock worth $101,969,000 after purchasing an additional 476,837 shares in the last quarter. 64.25% of the stock is owned by institutional investors.

NIKE Stock Down 20.0 %

The company has a market cap of $113.75 billion, a P/E ratio of 22.16, a PEG ratio of 1.79 and a beta of 1.05. The stock has a 50-day moving average of $93.28 and a 200 day moving average of $99.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89.

NIKE (NYSE:NKE) last released its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The firm had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the firm earned $0.66 EPS. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. Research analysts anticipate that NIKE, Inc. will post 3.81 earnings per share for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, June 3rd. NIKE’s payout ratio is presently 43.53%.

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.