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

Shares of NIKE, Inc. (NYSE:NKE) were down 1.7% during mid-day 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 changed hands 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.

Other research analysts also recently issued research reports about the stock. Barclays lowered their price target on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, December 20th. Wells Fargo & Company dropped their price objective on NIKE from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. JPMorgan Chase & Co. reduced their price target on shares of NIKE from $73.00 to $64.00 and set a “neutral” rating for the company in a report on Friday, March 21st. Deutsche Bank Aktiengesellschaft decreased their price objective on NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, Royal Bank of Canada lowered their target price on shares of NIKE from $67.00 to $66.00 and set a “sector perform” rating for the company in a research note on Friday, March 21st. Fifteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $86.19.

Insider Transactions at NIKE

In related news, Director Robert Holmes Swan purchased 8,600 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average cost of $58.46 per share, with a total value of $502,756.00. Following the purchase, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the business’s stock in a transaction that occurred on 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NKE. Wellington Management Group LLP lifted its stake in shares of NIKE by 32.4% in the fourth quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker’s stock worth $2,749,903,000 after buying an additional 8,898,591 shares in the last quarter. Geode Capital Management LLC lifted its stake in NIKE by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker’s stock worth $1,915,110,000 after purchasing an additional 347,178 shares in the last quarter. Capital World Investors boosted its holdings in shares of NIKE by 10.3% during the 4th quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker’s stock worth $1,857,389,000 after purchasing an additional 2,288,627 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of NIKE by 18.1% in the fourth quarter. Bank of New York Mellon Corp now owns 20,367,993 shares of the footwear maker’s stock valued at $1,541,246,000 after purchasing an additional 3,121,929 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of NIKE in the fourth quarter valued at approximately $1,126,288,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Stock Performance

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 stock has a 50-day moving average of $70.03 and a 200 day moving average of $74.93. The stock has a market cap of $80.52 billion, a PE ratio of 16.80, a P/E/G ratio of 2.52 and a beta of 1.15.

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

NIKE Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Monday, March 3rd. NIKE’s dividend payout ratio is presently 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.