NIKE (NYSE:NKE) Sets New 52-Week Low Following Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price reached a new 52-week low during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $90.00 to $82.00. Truist Financial currently has a buy rating on the stock. NIKE traded as low as $65.17 and last traded at $66.70, with a volume of 19570205 shares changing hands. The stock had previously closed at $71.86.

A number of other research analysts have also recently issued reports on the company. Stifel Nicolaus decreased their target price on NIKE from $79.00 to $75.00 and set a “hold” rating for the company in a research note on Friday, December 20th. Citigroup cut NIKE from a “buy” rating to a “neutral” rating and decreased their target price for the company from $102.00 to $72.00 in a research note on Friday, February 7th. Jefferies Financial Group raised NIKE from a “hold” rating to a “buy” rating and boosted their target price for the company from $75.00 to $115.00 in a research note on Monday, February 24th. Bank of America decreased their target price on NIKE from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Finally, Needham & Company LLC reduced their price objective on NIKE from $84.00 to $80.00 and set a “buy” rating for the company in a research report on Monday. Fifteen 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.65.

Insider Activity at NIKE

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the purchase, the director now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Mark G. Parker sold 169,732 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now owns 896,632 shares of the company’s stock, 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 currently owned by company insiders.

Institutional Investors Weigh In On NIKE

Several hedge funds have recently bought and sold shares of NKE. Heck Capital Advisors LLC acquired a new stake in NIKE during the fourth quarter worth approximately $28,000. Caitlin John LLC lifted its position in NIKE by 117.0% during the fourth quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock worth $28,000 after acquiring an additional 200 shares during the last quarter. Teachers Insurance & Annuity Association of America acquired a new stake in NIKE during the third quarter worth approximately $30,000. Roxbury Financial LLC acquired a new position in shares of NIKE during the 4th quarter worth approximately $30,000. Finally, LFA Lugano Financial Advisors SA increased its holdings in shares of NIKE by 110.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 400 shares of the footwear maker’s stock worth $30,000 after purchasing an additional 210 shares during the period. 64.25% of the stock is currently owned by institutional investors and hedge funds.

NIKE Trading Down 6.8 %

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 firm has a market capitalization of $99.05 billion, a P/E ratio of 20.64, a PEG ratio of 2.52 and a beta of 1.02. The firm has a 50 day moving average of $74.77 and a 200-day moving average of $77.56.

NIKE (NYSE:NKE) last issued its quarterly 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. The business had revenue of $11.27 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 earnings per share. On average, equities research analysts predict that NIKE, Inc. will post 2.05 earnings per share for the current fiscal year.

NIKE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Monday, March 3rd. NIKE’s dividend payout ratio (DPR) is currently 49.38%.

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.