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

Shares of NIKE, Inc. (NYSE:NKE) dropped 1.4% 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. Approximately 6,525,321 shares were traded during trading, a decline of 47% from the average daily volume of 12,334,340 shares. The stock had previously closed at $67.94.

NKE has been the subject of several other reports. Citigroup cut NIKE from a “buy” rating to a “neutral” rating and dropped their target price for the company from $102.00 to $72.00 in a report on Friday, February 7th. Needham & Company LLC lowered their price target on NIKE from $84.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Wells Fargo & Company lowered their price target on NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft lowered their price target on NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Finally, Jefferies Financial Group raised 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 research report on Monday, February 24th. Fifteen equities 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. Based on data from MarketBeat, NIKE 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. bought 2,500 shares of the business’s stock in a transaction on Friday, December 27th. The shares were acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the purchase, the director now owns 34,403 shares in the company, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction on 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Trading of NIKE

Several institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its stake in shares of NIKE by 4.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 66,417 shares of the footwear maker’s stock worth $5,875,000 after buying an additional 2,843 shares during the last quarter. LPL Financial LLC boosted its stake in shares of NIKE by 19.3% in the 3rd quarter. LPL Financial LLC now owns 1,028,131 shares of the footwear maker’s stock worth $90,887,000 after buying an additional 166,127 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of NIKE by 3.2% in the 3rd quarter. Pacer Advisors Inc. now owns 111,285 shares of the footwear maker’s stock worth $9,838,000 after buying an additional 3,464 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in shares of NIKE by 36.2% in the 3rd quarter. Eagle Asset Management Inc. now owns 16,698 shares of the footwear maker’s stock worth $1,476,000 after buying an additional 4,440 shares during the last quarter. Finally, Meridian Wealth Management LLC purchased a new position in shares of NIKE in the 3rd quarter worth $261,000. 64.25% of the stock is currently owned by hedge funds and other institutional investors.

NIKE Trading Down 1.4 %

The stock has a market capitalization of $99.13 billion, a PE ratio of 20.68, a P/E/G ratio of 2.52 and a beta of 1.02. The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average price of $74.70 and a 200-day moving average price of $77.40.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $11.02 billion. During the same period last year, the firm earned $0.98 EPS. NIKE’s revenue for the quarter was down 9.1% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a $0.40 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.39%. NIKE’s dividend payout ratio is currently 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.