NIKE (NYSE:NKE) Trading Down 1.7% Following Analyst Downgrade

by · The Markets Daily

Shares of NIKE, Inc. (NYSE:NKE – Get Free Report) were down 1.7% during trading on Friday after Piper Sandler lowered their price target on the stock from $90.00 to $70.00. Piper Sandler currently has an overweight rating on the stock. NIKE traded as low as $52.86 and last traded at $53.45. Approximately 6,697,516 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 13,969,307 shares. The stock had previously closed at $54.40.

Several other research firms also recently issued reports on NKE. China Renaissance initiated coverage on NIKE in a report on Wednesday, March 19th. They set a “hold” rating on the stock. Cfra Research upgraded shares of NIKE to a “moderate buy” rating in a research note on Friday, March 21st. Bank of America reduced their price objective on shares of NIKE from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Wells Fargo & Company dropped their target price on shares of NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Finally, Robert W. Baird cut their target price on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $86.19.

Read Our Latest Stock Analysis on NIKE

Insider Buying and Selling at NIKE

In related news, Director Robert Holmes Swan purchased 8,600 shares of the company’s stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the transaction, the director now owns 31,983 shares of the company’s stock, valued at $1,869,726.18. This represents a 36.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the completion of the transaction, the chairman now owns 896,632 shares of the company’s stock, valued at $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently added to or reduced their stakes in the company. Heck Capital Advisors LLC acquired a new stake in NIKE in the 4th quarter valued at about $28,000. Caitlin John LLC lifted its position in shares of NIKE by 117.0% during the 4th quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock valued at $28,000 after acquiring an additional 200 shares during the last quarter. Roxbury Financial LLC bought a new stake in shares of NIKE during the 4th quarter worth $30,000. LFA Lugano Financial Advisors SA lifted its holdings in NIKE by 110.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after purchasing an additional 210 shares during the last quarter. Finally, Hopwood Financial Services Inc. bought a new stake in NIKE during the fourth quarter worth approximately $30,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock Performance

The company has a market cap of $79.16 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The firm has a fifty day simple moving average of $70.48 and a 200 day simple moving average of $75.16.

NIKE (NYSE:NKE – Get Free Report) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. The business 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%. NIKE’s revenue was down 9.1% compared to the same quarter last year. During the same period last year, the business posted $0.98 EPS. On average, sell-side analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were given a $0.40 dividend. The ex-dividend date was Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.99%. NIKE’s dividend payout ratio is currently 53.16%.

NIKE Company Profile

(Get Free Report)

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.

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