NIKE (NYSE:NKE) Trading Down 1.4% on Analyst Downgrade

Shares of NIKE, Inc. (NYSE:NKE) fell 1.4% on Monday 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 $66.86 and last traded at $67.02. 6,525,321 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 12,334,340 shares. The stock had previously closed at $67.94.

A number of other equities research analysts also recently weighed in on NKE. Guggenheim restated a “buy” rating and set a $110.00 target price on shares of NIKE in a research report on Wednesday, February 12th. Evercore ISI dropped their price objective on NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Dbs Bank upgraded shares of NIKE from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Jefferies Financial Group upgraded shares of NIKE from a “hold” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $115.00 in a research report on Monday, February 24th. Finally, Needham & Company LLC cut their price objective on shares of NIKE from $84.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 17th. 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.38.

Insider Buying and Selling

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average price of $76.65 per share, with a total value of $191,625.00. Following the transaction, the director now owns 34,403 shares in the company, valued at $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the business’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 value of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. The trade was a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Eagle Asset Management Inc. boosted its position in NIKE by 36.2% during the third quarter. Eagle Asset Management Inc. now owns 16,698 shares of the footwear maker’s stock valued at $1,476,000 after purchasing an additional 4,440 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of NIKE during the 3rd quarter worth approximately $261,000. Great Valley Advisor Group Inc. boosted its holdings in shares of NIKE by 4.9% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 11,409 shares of the footwear maker’s stock valued at $1,009,000 after buying an additional 532 shares during the last quarter. Bank of Hawaii grew its stake in shares of NIKE by 69.1% in the third quarter. Bank of Hawaii now owns 8,876 shares of the footwear maker’s stock valued at $785,000 after buying an additional 3,626 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its holdings in NIKE by 599.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 797 shares of the footwear maker’s stock worth $70,000 after buying an additional 683 shares during the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

The firm has a market capitalization of $98.57 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 2.52 and a beta of 1.02. 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 stock’s fifty day moving average is $74.52 and its two-hundred day moving average is $77.21.

NIKE (NYSE:NKE) last released its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The company had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same period in the previous year, the business earned $0.98 EPS. NIKE’s revenue for the quarter was down 9.1% compared to the same quarter last year. On average, analysts predict 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. Stockholders of record on Monday, March 3rd will be given a $0.40 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.40%. NIKE’s payout ratio is 53.16%.

NIKE Company Profile

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.