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

NIKE, Inc. (NYSE:NKE)’s share price fell 1.4% during trading 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. 6,525,321 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 12,334,340 shares. The stock had previously closed at $67.94.

NKE has been the subject of several other reports. Royal Bank of Canada dropped their price target on NIKE from $67.00 to $66.00 and set a “sector perform” rating for the company in a research note on Friday. Telsey Advisory Group reaffirmed a “market perform” rating and set a $80.00 price objective on shares of NIKE in a report on Monday, March 17th. Evercore ISI cut their price objective on shares of NIKE from $105.00 to $97.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Wells Fargo & Company cut their price objective on shares of NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Friday. Finally, Stifel Nicolaus cut their price objective on shares of NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a report on Friday, December 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.38.

Insider Transactions at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of NIKE stock in a transaction 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 completion of the sale, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Rogers, Jr. bought 2,500 shares of the firm’s stock in a transaction dated Friday, December 27th. The shares were acquired at an average price of $76.65 per share, with a total value of $191,625.00. Following the completion of the transaction, the director now owns 34,403 shares of the company’s stock, valued at approximately $2,636,989.95. The trade was a 7.84 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of NIKE

Several institutional investors and hedge funds have recently made changes to their positions in the company. JNBA Financial Advisors raised its holdings in shares of NIKE by 1.3% in the fourth quarter. JNBA Financial Advisors now owns 10,045 shares of the footwear maker’s stock valued at $760,000 after acquiring an additional 131 shares in the last quarter. Frisch Financial Group Inc. raised its holdings in shares of NIKE by 4.7% in the third quarter. Frisch Financial Group Inc. now owns 3,036 shares of the footwear maker’s stock valued at $269,000 after acquiring an additional 136 shares in the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in shares of NIKE by 0.7% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 20,446 shares of the footwear maker’s stock valued at $1,547,000 after acquiring an additional 136 shares in the last quarter. Elgethun Capital Management grew its stake in NIKE by 13.7% in the fourth quarter. Elgethun Capital Management now owns 1,236 shares of the footwear maker’s stock valued at $94,000 after purchasing an additional 149 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in NIKE by 1.0% in the fourth quarter. GAMMA Investing LLC now owns 15,014 shares of the footwear maker’s stock valued at $1,136,000 after purchasing an additional 150 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

NIKE Price Performance

The firm has a 50 day simple moving average of $74.70 and a 200-day simple moving average of $77.40. 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 has a market cap of $99.13 billion, a PE ratio of 20.68, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $11.02 billion. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The firm’s quarterly revenue was down 9.1% compared to the same quarter last year. As a group, research analysts predict 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. Shareholders of record on Monday, March 3rd will be paid a $0.40 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.60 annualized dividend and a yield of 2.39%. NIKE’s dividend payout ratio (DPR) is presently 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.