NIKE (NYSE:NKE) Trading Down 1.1% on Analyst Downgrade

NIKE, Inc. (NYSE:NKE) traded down 1.1% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $83.00 to $80.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NIKE traded as low as $85.05 and last traded at $85.58. 4,523,668 shares were traded during mid-day trading, a decline of 61% from the average session volume of 11,464,892 shares. The stock had previously closed at $86.52.

Several other equities research analysts have also recently issued reports on NKE. Stifel Nicolaus decreased their target price on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research report on Monday, August 26th. Wedbush dropped their price target on NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research note on Friday, June 28th. Evercore ISI lifted their price objective on NIKE from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday. Piper Sandler reissued a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday. Finally, Bank of America reiterated a “buy” rating and set a $104.00 price objective on shares of NIKE in a research note on Monday. Fifteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.04.

Insider Buying and Selling

In other news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at $80,419,507.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert Holmes Swan bought 2,941 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $77.02 per share, for a total transaction of $226,515.82. Following the transaction, the director now owns 20,946 shares in the company, valued at $1,613,260.92. The disclosure for this purchase can be found here. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NIKE

A number of hedge funds have recently made changes to their positions in NKE. Cim LLC bought a new stake in shares of NIKE during the fourth quarter worth $14,275,000. TKG Advisors LLC bought a new position in NIKE in the fourth quarter valued at about $1,012,000. Spartan Planning & Wealth Management acquired a new stake in shares of NIKE during the fourth quarter valued at about $182,000. Edmond DE Rothschild Holding S.A. increased its stake in shares of NIKE by 27.9% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 113,299 shares of the footwear maker’s stock valued at $12,301,000 after buying an additional 24,686 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in NIKE by 86.0% in the 1st quarter. Advisors Asset Management Inc. now owns 20,957 shares of the footwear maker’s stock valued at $1,970,000 after buying an additional 9,689 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Trading Down 0.6 %

The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average is $78.11 and its 200 day moving average is $86.99. The firm has a market capitalization of $129.82 billion, a price-to-earnings ratio of 22.95, a P/E/G ratio of 2.08 and a beta of 1.02.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The business had revenue of $12.60 billion during the quarter, compared to analyst estimates of $12.86 billion. During the same period last year, the company earned $0.66 EPS. NIKE’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities analysts predict that NIKE, Inc. will post 3.06 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.37 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.72%. NIKE’s dividend payout ratio (DPR) is currently 39.68%.

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.