NIKE (NYSE:NKE) Sets New 52-Week Low on Analyst Downgrade

NIKE, Inc. (NYSE:NKE) reached a new 52-week low during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $73.00 to $64.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NIKE traded as low as $65.17 and last traded at $66.70, with a volume of 19570205 shares. The stock had previously closed at $71.86.

NKE has been the subject of several other research reports. China Renaissance initiated coverage on shares of NIKE in a research note on Wednesday. They issued a “hold” rating for the company. UBS Group lowered their target price on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday. DA Davidson raised NIKE to a “strong-buy” rating in a research report on Monday, December 23rd. Bank of America lowered their price objective on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Finally, Truist Financial reduced their target price on shares of NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Friday. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.38.

Insider Buying and Selling at NIKE

In other NIKE 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 value of $12,361,581.56. Following the transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John W. Rogers, Jr. bought 2,500 shares of the company’s stock in a transaction dated Friday, December 27th. The stock was bought at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the acquisition, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NIKE

Institutional investors have recently bought and sold shares of the company. Teachers Insurance & Annuity Association of America acquired a new position in shares of NIKE during the third quarter worth about $30,000. Caitlin John LLC boosted its holdings in NIKE by 117.0% in the 4th quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in NIKE during the 4th quarter worth approximately $28,000. Roxbury Financial LLC purchased a new position in shares of NIKE during the 4th quarter worth approximately $30,000. Finally, LFA Lugano Financial Advisors SA lifted its holdings in shares of NIKE by 110.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock valued at $30,000 after buying an additional 210 shares during the period. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Performance

The stock has a 50 day moving average of $74.70 and a two-hundred day moving average of $77.43. The stock has a market capitalization of $100.60 billion, a PE ratio of 20.99, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51.

NIKE (NYSE:NKE) last issued its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.28 by $0.26. The company had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business’s revenue was down 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. Research analysts expect that NIKE, Inc. will post 2.05 EPS for the current fiscal year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be issued a $0.40 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.35%. NIKE’s dividend payout ratio (DPR) is presently 53.16%.

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.