NIKE (NYSE:NKE) Shares Down 0.9% Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s share price dropped 0.9% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $70.00 to $60.00. Barclays currently has an equal weight rating on the stock. NIKE traded as low as $62.03 and last traded at $62.03. Approximately 4,781,442 shares traded hands during trading, a decline of 68% from the average daily volume of 14,733,046 shares. The stock had previously closed at $62.58.

Several other equities research analysts have also issued reports on the company. Royal Bank of Canada reduced their price target on NIKE from $67.00 to $66.00 and set a “sector perform” rating for the company in a report on Friday, March 21st. Williams Trading cut their target price on NIKE from $93.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, April 21st. Truist Financial reduced their price target on NIKE from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, March 21st. UBS Group dropped their target price on shares of NIKE from $73.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, March 21st. Finally, Robert W. Baird decreased their price target on shares of NIKE from $105.00 to $99.00 and set an “outperform” rating for the company in a report on Friday, March 21st. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.30.

Insider Activity

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of the business’s 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 $65,301,708.56. The trade was a 15.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert Holmes Swan bought 8,600 shares of the stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the acquisition, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This trade represents a 36.78% increase in their position. The disclosure for this purchase can be found here. 1.10% of the stock is owned by company insiders.

Institutional Trading of NIKE

Several large investors have recently modified their holdings of the stock. Stone House Investment Management LLC acquired a new position in NIKE during the first quarter valued at approximately $25,000. Heck Capital Advisors LLC bought a new position in shares of NIKE in the 4th quarter valued at $28,000. Caitlin John LLC raised its holdings in shares of NIKE by 117.0% during the 4th quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock worth $28,000 after buying an additional 200 shares in the last quarter. Roxbury Financial LLC acquired a new stake in NIKE in the fourth quarter valued at about $30,000. Finally, LFA Lugano Financial Advisors SA raised its stake in NIKE by 110.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after acquiring an additional 210 shares in the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

NIKE Stock Down 1.0%

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 company has a market capitalization of $91.37 billion, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 2.52 and a beta of 1.23. The firm’s fifty day moving average is $61.57 and its 200-day moving average is $70.96.

NIKE (NYSE:NKE) last announced its quarterly 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. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The company had revenue of $11.27 billion during the quarter, compared to analysts’ expectations of $11.02 billion. During the same period in the prior year, the company earned $0.98 EPS. NIKE’s revenue was down 9.1% compared to the same quarter last year. As a group, equities research analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s dividend payout ratio (DPR) is currently 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.