NIKE (NYSE:NKE) Hits New 1-Year Low on Analyst Downgrade

NIKE, Inc. (NYSE:NKE - Get Free Report) reached a new 52-week low during mid-day trading on Friday 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 $65.17 and last traded at $66.70, with a volume of 19570205 shares trading hands. The stock had previously closed at $71.86.

NKE has been the topic of several other research reports. DA Davidson upgraded NIKE to a "strong-buy" rating in a research report on Monday, December 23rd. BMO Capital Markets dropped their price objective on NIKE from $95.00 to $92.00 and set an "outperform" rating on the stock in a report on Friday. China Renaissance began coverage on NIKE in a report on Wednesday, March 19th. They set a "hold" rating for the company. Jefferies Financial Group raised shares of NIKE from a "hold" rating to a "buy" rating and increased their price target for the stock from $75.00 to $115.00 in a report on Monday, February 24th. Finally, Robert W. Baird reduced their price objective on shares of NIKE from $105.00 to $99.00 and set an "outperform" rating for the company in a research note on Friday. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average price target of $87.38.

Insider Activity

In other NIKE news, Director John W. Rogers, Jr. purchased 2,500 shares of the stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $76.65 per share, with a total value of $191,625.00. Following the completion of the purchase, the director now directly owns 34,403 shares of the company's stock, valued at approximately $2,636,989.95. This trade represents a 7.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mark G. Parker sold 169,732 shares of the firm'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 transaction, the chairman now directly owns 896,632 shares in the company, valued at $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. 1.10% of the stock is owned by corporate insiders.

Remove Ads

Hedge Funds Weigh In On NIKE

Large investors have recently bought and sold shares of the stock. Prostatis Group LLC increased its stake in shares of NIKE by 29.9% in the fourth quarter. Prostatis Group LLC now owns 13,705 shares of the footwear maker's stock worth $1,037,000 after buying an additional 3,153 shares during the period. Centaurus Financial Inc. raised its stake in shares of NIKE by 9.6% during the fourth quarter. Centaurus Financial Inc. now owns 2,258 shares of the footwear maker's stock valued at $171,000 after acquiring an additional 198 shares during the last quarter. Aegis Wealth Management LLC purchased a new stake in shares of NIKE during the fourth quarter worth about $295,000. Copia Wealth Management bought a new stake in shares of NIKE in the fourth quarter worth about $358,000. Finally, Wood Tarver Financial Group LLC purchased a new position in NIKE during the 4th quarter valued at about $57,000. 64.25% of the stock is owned by hedge funds and other institutional investors.

NIKE Price 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 business has a 50-day simple moving average of $74.70 and a 200 day simple moving average of $77.40. The firm has a market cap of $99.66 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE - Get Free Report) last announced its 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. The company had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. The firm's revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. On average, analysts anticipate that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE's payout ratio is 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.