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

NIKE, Inc. (NYSE:NKE - Get Free Report) dropped 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 traded hands during trading, a decline of 52% from the average daily volume of 13,969,307 shares. The stock had previously closed at $54.40.

Several other research analysts have also issued reports on NKE. UBS Group reduced their target price on shares of NIKE from $73.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday, March 21st. Truist Financial cut their target price on NIKE from $90.00 to $82.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Citigroup lowered NIKE from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $102.00 to $72.00 in a research report on Friday, February 7th. DA Davidson upgraded shares of NIKE to a "strong-buy" rating in a research report on Monday, December 23rd. Finally, Royal Bank of Canada cut their target price on shares of NIKE from $67.00 to $66.00 and set a "sector perform" rating on the stock in a report on Friday, March 21st. Sixteen 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 stock. According to MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average target price of $85.15.

Remove Ads

Insider Transactions at NIKE

In related news, Director Robert Holmes Swan acquired 8,600 shares of NIKE stock in a transaction on Friday, April 4th. The shares were acquired at an average cost of $58.46 per share, with a total value of $502,756.00. Following the transaction, the director now owns 31,983 shares in the company, valued at $1,869,726.18. This trade represents a 36.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares in the company, valued at $65,301,708.56. This represents a 15.92 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently made changes to their positions in the company. Heck Capital Advisors LLC bought a new stake in shares of NIKE during the fourth quarter valued at approximately $28,000. Caitlin John LLC increased its holdings in NIKE by 117.0% in 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 purchased a new position in NIKE in the 4th quarter worth about $30,000. Hopwood Financial Services Inc. purchased a new position in shares of NIKE during the fourth quarter valued at approximately $30,000. Finally, LFA Lugano Financial Advisors SA lifted its position in NIKE by 110.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker's stock valued at $30,000 after purchasing an additional 210 shares during the period. 64.25% of the stock is currently owned by institutional investors.

NIKE Stock Down 2.0 %

The company has a market cap of $80.32 billion, a PE ratio of 16.76, a PEG ratio of 2.52 and a beta of 1.15. 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 company's fifty day moving average is $69.65 and its 200-day moving average is $74.59.

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. NIKE had a net margin of 9.98% and a return on equity of 36.99%. The business 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 earnings per share. The firm's revenue was down 9.1% on a year-over-year basis. On average, analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 2.95%. The ex-dividend date was Monday, March 3rd. NIKE's dividend payout ratio 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.