Bank of America Trims NIKE (NYSE:NKE) Target Price to $104.00

NIKE (NYSE:NKE) had its price objective lowered by equities research analysts at Bank of America from $113.00 to $104.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the footwear maker’s stock. Bank of America‘s target price points to a potential upside of 36.50% from the stock’s previous close.

NKE has been the subject of several other reports. Wedbush cut their price target on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating for the company in a research report on Friday. The Goldman Sachs Group reduced their price target on NIKE from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Raymond James reaffirmed a “market perform” rating on shares of NIKE in a research note on Friday. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective (down previously from $110.00) on shares of NIKE in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $83.00 target price (down from $116.00) on shares of NIKE in a research note on Friday. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.89.

NIKE Price Performance

Shares of NKE traded down $18.00 during midday trading on Friday, reaching $76.19. The stock had a trading volume of 45,896,106 shares, compared to its average volume of 9,568,646. The company’s 50-day moving average is $93.70 and its 200 day moving average is $99.48. The company has a market capitalization of $115.00 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 1.79 and a beta of 1.05. NIKE has a 12-month low of $75.90 and a 12-month high of $123.39. The company has a current ratio of 2.74, a quick ratio of 1.89 and a debt-to-equity ratio of 0.63.

NIKE (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The firm had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.86 billion. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that NIKE will post 3.81 EPS for the current fiscal year.

Insider Buying and Selling at NIKE

In related news, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total value of $4,237,200.00. Following the transaction, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at approximately $4,236,917.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other NIKE news, VP Johanna Nielsen sold 282 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $93.64, for a total value of $26,406.48. Following the completion of the sale, the vice president now owns 730 shares in the company, valued at approximately $68,357.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Monique S. Matheson sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $94.16, for a total value of $4,237,200.00. Following the sale, the executive vice president now directly owns 44,997 shares in the company, valued at $4,236,917.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 213,660 shares of company stock valued at $19,946,333. Insiders own 0.50% of the company’s stock.

Institutional Trading of NIKE

Institutional investors and hedge funds have recently bought and sold shares of the stock. Iron Horse Wealth Management LLC increased its position in NIKE by 120.7% in the fourth quarter. Iron Horse Wealth Management LLC now owns 256 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 140 shares during the last quarter. Annapolis Financial Services LLC lifted its holdings in shares of NIKE by 440.0% in the 1st quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock valued at $25,000 after acquiring an additional 220 shares during the last quarter. Planned Solutions Inc. bought a new position in shares of NIKE in the 4th quarter valued at about $29,000. True Wealth Design LLC raised its position in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock valued at $32,000 after purchasing an additional 150 shares during the period. Finally, Core Wealth Advisors Inc. lifted its stake in shares of NIKE by 408.5% in the 4th quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock valued at $33,000 after purchasing an additional 241 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.

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.