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

NIKE, Inc. (NYSE:NKE) shares hit a new 52-week low during 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 trading hands. The stock had previously closed at $71.86.

Several other research analysts also recently commented on the stock. Citigroup downgraded shares of NIKE from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $102.00 to $72.00 in a research report on Friday, February 7th. Wells Fargo & Company lowered their price objective on shares of NIKE from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday. China Renaissance began coverage on shares of NIKE in a research report on Wednesday. They set a “hold” rating for the company. Barclays lowered their price objective on shares of NIKE from $79.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, December 20th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of NIKE from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Fifteen 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.65.

Insider Buying and Selling at NIKE

In other news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total transaction of $12,361,581.56. Following the transaction, the chairman now owns 896,632 shares of the company’s stock, valued at $65,301,708.56. This represents a 15.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John W. Rogers, Jr. acquired 2,500 shares of the business’s stock in a transaction dated Friday, December 27th. The shares were bought at an average cost of $76.65 per share, for a total transaction of $191,625.00. Following the transaction, the director now directly owns 34,403 shares in the company, valued at approximately $2,636,989.95. This represents a 7.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On NIKE

A number of institutional investors and hedge funds have recently made changes to their positions in NKE. Heck Capital Advisors LLC bought a new position in shares of NIKE during the 4th quarter worth about $28,000. Caitlin John LLC boosted its position in shares of NIKE by 117.0% during the 4th quarter. Caitlin John LLC now owns 371 shares of the footwear maker’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. Teachers Insurance & Annuity Association of America bought a new position in shares of NIKE during the 3rd quarter worth about $30,000. Roxbury Financial LLC bought a new position in shares of NIKE during the 4th quarter worth about $30,000. Finally, LFA Lugano Financial Advisors SA boosted its position in shares of NIKE by 110.5% during the 4th 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 in the last quarter. Institutional investors own 64.25% of the company’s stock.

NIKE Stock Down 6.8 %

The company has a current ratio of 2.22, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57. The company has a market cap of $99.05 billion, a P/E ratio of 20.64, a PEG ratio of 2.52 and a beta of 1.02. The stock’s 50-day moving average price is $74.77 and its 200-day moving average price is $77.56.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.26. NIKE had a net margin of 9.98% and a return on equity of 36.99%. 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 prior year, the business posted $0.98 EPS. The firm’s revenue was down 9.1% compared to the same quarter last year. As a group, research analysts forecast that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a $0.40 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.39%. NIKE’s dividend payout ratio is presently 49.38%.

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.