NIKE (NYSE:NKE) Stock Price Down 1.1% After Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price traded down 1.1% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $83.00 to $80.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NIKE traded as low as $85.05 and last traded at $85.58. 4,523,668 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 11,464,892 shares. The stock had previously closed at $86.52.

Several other equities analysts have also commented on the company. Daiwa America lowered NIKE from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. The Goldman Sachs Group dropped their target price on NIKE from $118.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Barclays upped their target price on NIKE from $80.00 to $84.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 18th. HSBC dropped their target price on NIKE from $100.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, June 28th. Finally, Raymond James reiterated a “market perform” rating on shares of NIKE in a research note on Friday, June 28th. Fifteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, NIKE presently has an average rating of “Moderate Buy” and a consensus price target of $96.04.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the transaction, the chairman now owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Mark G. Parker sold 110,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $72.97, for a total value of $8,026,700.00. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at approximately $80,419,507.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark G. Parker sold 52,487 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the completion of the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NIKE

Hedge funds and other institutional investors have recently modified their holdings of the stock. Annapolis Financial Services LLC raised its stake in NIKE by 440.0% during the first quarter. Annapolis Financial Services LLC now owns 270 shares of the footwear maker’s stock worth $25,000 after acquiring an additional 220 shares during the period. True Wealth Design LLC raised its stake in NIKE by 106.4% during the fourth quarter. True Wealth Design LLC now owns 291 shares of the footwear maker’s stock worth $32,000 after acquiring an additional 150 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in NIKE during the fourth quarter worth about $33,000. Core Wealth Advisors Inc. raised its stake in NIKE by 408.5% during the fourth quarter. Core Wealth Advisors Inc. now owns 300 shares of the footwear maker’s stock worth $33,000 after acquiring an additional 241 shares during the period. Finally, Gold Investment Management Ltd. acquired a new stake in NIKE during the fourth quarter worth about $36,000. Institutional investors own 64.25% of the company’s stock.

NIKE Trading Up 1.5 %

The stock has a market cap of $132.02 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 2.08 and a beta of 1.02. The firm’s 50 day moving average is $78.70 and its two-hundred day moving average is $86.82. The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.85 by $0.16. NIKE had a net margin of 11.10% and a return on equity of 42.63%. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. During the same quarter last year, the business earned $0.66 earnings per share. NIKE’s revenue was down 1.6% compared to the same quarter last year. Equities analysts anticipate that NIKE, Inc. will post 3.06 EPS for the current year.

NIKE Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be paid a $0.37 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.48 annualized dividend and a dividend yield of 1.69%. NIKE’s payout ratio is currently 39.68%.

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.