NIKE (NYSE:NKE) Hits New 52-Week Low on Analyst Downgrade

NIKE, Inc. (NYSE:NKE - Get Free Report) hit a new 52-week low 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 $52.28 and last traded at $54.41, with a volume of 53856635 shares changing hands. The stock had previously closed at $59.32.

Other research analysts have also issued reports about the company. Jefferies Financial Group raised NIKE from a "hold" rating to a "buy" rating and increased their price objective for the company from $75.00 to $115.00 in a report on Monday, February 24th. Stifel Nicolaus lowered their price target on shares of NIKE from $75.00 to $64.00 and set a "hold" rating on the stock in a report on Thursday. Evercore ISI lowered their price target on shares of NIKE from $105.00 to $97.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft cut their target price 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, Telsey Advisory Group reaffirmed a "market perform" rating and issued a $80.00 price target on shares of NIKE in a research note on Monday, March 17th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $86.19.

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Insider Buying and Selling

In related news, 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 transaction of $12,361,581.56. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Holmes Swan purchased 8,600 shares of the firm's stock in a transaction 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 completion of the purchase, the director now owns 31,983 shares in the company, valued at $1,869,726.18. This represents a 36.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently bought and sold shares of NKE. Wellington Management Group LLP increased its stake in NIKE by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 36,340,736 shares of the footwear maker's stock valued at $2,749,903,000 after buying an additional 8,898,591 shares during the period. Geode Capital Management LLC grew its holdings in NIKE by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 25,376,558 shares of the footwear maker's stock valued at $1,915,110,000 after purchasing an additional 347,178 shares during the last quarter. Capital World Investors raised its position in shares of NIKE by 10.3% in the fourth quarter. Capital World Investors now owns 24,545,937 shares of the footwear maker's stock valued at $1,857,389,000 after purchasing an additional 2,288,627 shares during the period. Bank of New York Mellon Corp lifted its stake 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 worth $1,541,246,000 after buying an additional 3,121,929 shares during the last quarter. Finally, Norges Bank acquired a new position in NIKE in the 4th quarter valued at $1,126,288,000. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Stock 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 stock's 50-day simple moving average is $70.03 and its two-hundred day simple moving average is $74.83. The stock has a market cap of $83.00 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business had revenue of $11.27 billion for the quarter, compared to analyst estimates of $11.02 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. NIKE's revenue was down 9.1% compared to the same quarter last year. Analysts forecast that NIKE, Inc. will post 2.05 earnings per share for the current year.

NIKE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.85%. NIKE's dividend payout ratio (DPR) 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.