NIKE (NYSE:NKE) Trading Down 0.9% After Analyst Downgrade

Shares of NIKE, Inc. (NYSE:NKE) were down 0.9% during trading on Monday after Citigroup lowered their price target on the stock from $115.00 to $102.00. Citigroup currently has a buy rating on the stock. NIKE traded as low as $74.29 and last traded at $74.71. Approximately 17,442,582 shares traded hands during trading, an increase of 68% from the average daily volume of 10,359,911 shares. The stock had previously closed at $75.37.

NKE has been the subject of a number of other research reports. Oppenheimer reiterated an “outperform” rating and set a $120.00 price objective on shares of NIKE in a research note on Friday. StockNews.com lowered NIKE from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Raymond James reissued a “market perform” rating on shares of NIKE in a research report on Friday. Wells Fargo & Company decreased their target price on shares of NIKE from $115.00 to $92.00 and set an “overweight” rating for the company in a report on Friday. Finally, Wedbush dropped their target price on shares of NIKE from $115.00 to $97.00 and set an “outperform” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.96.

Insider Transactions at NIKE

In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the completion of the sale, the chairman now owns 1,102,090 shares of the company’s stock, valued at $102,648,662.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total value of $15,682,726.92. Following the completion of the transaction, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $94.16, for a total transaction of $4,237,200.00. Following the completion of the sale, the executive vice president now directly owns 44,997 shares of the company’s stock, valued at $4,236,917.52. The disclosure for this sale can be found here. Insiders sold 213,660 shares of company stock worth $19,946,333 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of hedge funds have recently made changes to their positions in NKE. Axxcess Wealth Management LLC grew its holdings in NIKE by 32.3% during the 3rd quarter. Axxcess Wealth Management LLC now owns 9,133 shares of the footwear maker’s stock valued at $873,000 after buying an additional 2,229 shares in the last quarter. Alps Advisors Inc. increased its holdings in shares of NIKE by 114.5% in the 3rd quarter. Alps Advisors Inc. now owns 73,649 shares of the footwear maker’s stock worth $7,042,000 after buying an additional 39,310 shares during the last quarter. Legacy Advisors LLC raised its position in shares of NIKE by 14.7% during the 3rd quarter. Legacy Advisors LLC now owns 48,523 shares of the footwear maker’s stock valued at $4,656,000 after buying an additional 6,232 shares in the last quarter. London Co. of Virginia lifted its holdings in shares of NIKE by 10.0% in the 3rd quarter. London Co. of Virginia now owns 148,269 shares of the footwear maker’s stock valued at $14,177,000 after acquiring an additional 13,503 shares during the last quarter. Finally, Lake Street Advisors Group LLC grew its position in NIKE by 1.6% in the third quarter. Lake Street Advisors Group LLC now owns 16,321 shares of the footwear maker’s stock worth $1,561,000 after acquiring an additional 264 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Up 1.9 %

The company has a quick ratio of 1.69, a current ratio of 2.40 and a debt-to-equity ratio of 0.55. The company has a 50 day simple moving average of $93.28 and a two-hundred day simple moving average of $98.85. The company has a market capitalization of $115.96 billion, a P/E ratio of 20.60, a PEG ratio of 1.43 and a beta of 1.01.

NIKE (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The company had revenue of $12.60 billion during the quarter, compared to the consensus estimate of $12.86 billion. During the same period last year, the company earned $0.66 earnings per share. NIKE’s revenue was down 1.6% on a year-over-year basis. As a group, equities analysts predict that NIKE, Inc. will post 3.9 EPS for the current year.

NIKE Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Monday, June 3rd. NIKE’s dividend payout ratio (DPR) is currently 39.68%.

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.