NIKE (NYSE:NKE) Stock Price Down 1.4% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s share price fell 1.4% during mid-day trading 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.

Several other analysts have also issued reports on the stock. Truist Financial lowered their price target on shares of NIKE from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday. China Renaissance started coverage on shares of NIKE in a report on Wednesday, March 19th. They set a “hold” rating on the stock. Wells Fargo & Company cut their price target on NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Friday. BMO Capital Markets decreased their price objective on NIKE from $95.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $80.00 target price on shares of NIKE in a research note on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.38.

Insider Buying and Selling at NIKE

In other NIKE news, Director John W. Rogers, Jr. purchased 2,500 shares of the business’s stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the completion of the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction dated 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 completion of the transaction, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Heck Capital Advisors LLC purchased a new stake in NIKE during the 4th quarter valued at $28,000. Caitlin John LLC raised its stake in shares of NIKE by 117.0% during the fourth 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. Teachers Insurance & Annuity Association of America purchased a new stake in shares of NIKE during the third quarter worth about $30,000. Roxbury Financial LLC bought a new stake in shares of NIKE in the fourth quarter worth about $30,000. Finally, LFA Lugano Financial Advisors SA increased its holdings in NIKE by 110.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock valued at $30,000 after purchasing an additional 210 shares during the period. Institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 2.22. The business has a 50-day simple moving average of $74.61 and a 200 day simple moving average of $77.31. The firm has a market cap of $99.76 billion, a P/E ratio of 20.82, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02.

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

NIKE Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 2.37%. NIKE’s dividend 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.