NIKE (NYSE:NKE) Hits New 1-Year Low After Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price reached a new 52-week low during mid-day 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 traded. The stock had previously closed at $71.86.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group raised shares of NIKE from a “hold” rating to a “buy” rating and upped their price target for the company from $75.00 to $115.00 in a report on Monday, February 24th. Piper Sandler raised NIKE from a “neutral” rating to an “overweight” rating and upped their target price for the company from $72.00 to $90.00 in a research note on Friday, January 10th. UBS Group dropped their price target on NIKE from $73.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup downgraded NIKE from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $102.00 to $72.00 in a research report on Friday, February 7th. Finally, Dbs Bank upgraded NIKE from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.38.

Insiders Place Their Bets

In related news, Director John W. Rogers, Jr. acquired 2,500 shares of NIKE stock in a transaction on Friday, December 27th. The shares were bought at an average price of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the purchase, the director now directly owns 34,403 shares in the company, valued at $2,636,989.95. This trade represents a 7.84 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Teachers Insurance & Annuity Association of America acquired a new position in shares of NIKE during the third quarter worth $30,000. Caitlin John LLC grew its holdings in 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 purchasing an additional 200 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in NIKE during the 4th quarter worth $28,000. Roxbury Financial LLC acquired a new position in NIKE in the 4th quarter worth $30,000. Finally, LFA Lugano Financial Advisors SA boosted its position in 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 last quarter. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Down 5.4 %

The company has a market capitalization of $100.60 billion, a price-to-earnings ratio of 20.99, 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 firm has a 50 day moving average price of $74.70 and a two-hundred day moving average price of $77.43.

NIKE (NYSE:NKE) last issued its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.26. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm had revenue of $11.27 billion during the quarter, compared to analyst estimates of $11.02 billion. During the same quarter last year, the firm earned $0.98 EPS. NIKE’s quarterly revenue was down 9.1% on a year-over-year basis. As a group, sell-side analysts expect that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid 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 2.35%. 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.