NIKE (NYSE:NKE) Trading Down 6.4% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE) shares were down 6.4% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $84.00 to $81.00. Barclays currently has an equal weight rating on the stock. NIKE traded as low as $81.77 and last traded at $83.41. Approximately 13,742,170 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 11,643,338 shares. The stock had previously closed at $89.13.

A number of other research analysts have also recently issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $80.00 price target on shares of NIKE in a report on Friday, September 20th. HSBC dropped their target price on shares of NIKE from $100.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, June 28th. Stifel Nicolaus decreased their price target on shares of NIKE from $88.00 to $79.00 and set a “hold” rating on the stock in a research note on Monday, August 26th. TD Cowen boosted their price objective on shares of NIKE from $71.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price objective on NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Fifteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.04.

Insider Buying and Selling

In other NIKE news, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total value of $4,093,986.00. Following the completion of the transaction, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at $80,435,628. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Chairman Mark G. Parker sold 110,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $80,419,507.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares in the company, valued at $80,435,628. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of NIKE

Hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Asset Management Inc. boosted its position in NIKE by 19.2% during the 4th quarter. Eagle Asset Management Inc. now owns 7,816 shares of the footwear maker’s stock worth $849,000 after acquiring an additional 1,257 shares during the last quarter. Jones Financial Companies Lllp grew its position in NIKE by 3.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,662 shares of the footwear maker’s stock valued at $398,000 after purchasing an additional 126 shares in the last quarter. Belpointe Asset Management LLC increased its stake in NIKE by 35.6% in the 4th quarter. Belpointe Asset Management LLC now owns 3,254 shares of the footwear maker’s stock valued at $353,000 after buying an additional 855 shares during the last quarter. Morningstar Investment Management LLC bought a new stake in NIKE during the 4th quarter worth about $375,000. Finally, Cetera Advisor Networks LLC boosted its stake in shares of NIKE by 8.9% during the 4th quarter. Cetera Advisor Networks LLC now owns 111,481 shares of the footwear maker’s stock worth $12,103,000 after buying an additional 9,131 shares during the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

NIKE Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.69 and a current ratio of 2.40. The company has a fifty day moving average price of $80.50 and a two-hundred day moving average price of $86.39. The company has a market cap of $125.43 billion, a P/E ratio of 22.28, a PEG ratio of 2.30 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.18. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $11.64 billion. During the same period last year, the company earned $0.94 earnings per share. The business’s revenue was down 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that NIKE, Inc. will post 3.04 earnings per share for the current fiscal year.

NIKE Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 3rd were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.78%. NIKE’s payout ratio is 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.