NIKE (NYSE:NKE) Hits New 1-Year Low on Analyst Downgrade

NIKE, Inc. (NYSE:NKE)’s stock price hit a new 52-week low during trading on Friday after BMO Capital Markets lowered their price target on the stock from $118.00 to $100.00. BMO Capital Markets currently has an outperform rating on the stock. NIKE traded as low as $77.11 and last traded at $77.99, with a volume of 19187672 shares. The stock had previously closed at $94.19.

A number of other research analysts have also recently issued reports on the stock. UBS Group restated a “neutral” rating and set a $78.00 price objective on shares of NIKE in a report on Friday. Truist Financial decreased their price objective on shares of NIKE from $99.00 to $81.00 and set a “hold” rating for the company in a report on Friday. Piper Sandler decreased their price objective on shares of NIKE from $107.00 to $98.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Williams Trading restated a “sell” rating and set a $85.00 price objective (down previously from $92.00) on shares of NIKE in a report on Monday, March 18th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $83.00 price target (down previously from $116.00) on shares of NIKE in a report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.22.

Insider Activity at NIKE

In related news, Chairman Mark G. Parker sold 168,378 shares of the company’s stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other NIKE news, Chairman Mark G. Parker sold 168,378 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.14, for a total transaction of $15,682,726.92. Following the sale, the chairman now directly owns 1,102,090 shares in the company, valued at $102,648,662.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Monique S. Matheson sold 45,000 shares of the stock in a transaction dated 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 sale, the executive vice president now 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 three months, insiders have sold 213,660 shares of company stock worth $19,946,333. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Annapolis Financial Services LLC lifted its holdings in shares of NIKE by 440.0% in 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 last quarter. Iron Horse Wealth Management LLC lifted its holdings in shares of 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 acquiring an additional 140 shares during the last quarter. Planned Solutions Inc. bought a new position in shares of NIKE in the fourth quarter worth about $29,000. True Wealth Design LLC lifted its holdings in shares of NIKE by 106.4% in 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 last quarter. Finally, Frank Rimerman Advisors LLC bought a new position in shares of NIKE in the fourth quarter worth about $33,000. Institutional investors own 64.25% of the company’s stock.

NIKE Price Performance

The stock has a market cap of $116.72 billion, a P/E ratio of 22.94, a PEG ratio of 1.79 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.74 and a quick ratio of 1.89. The business’s fifty day moving average price is $93.70 and its 200 day moving average price is $99.48.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.16. The firm had revenue of $12.60 billion during the quarter, compared to analysts’ expectations of $12.86 billion. NIKE had a net margin of 10.14% and a return on equity of 39.41%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 earnings per share. Sell-side analysts forecast that NIKE, Inc. will post 3.81 EPS for the current fiscal year.

NIKE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.37 dividend. The ex-dividend date is Monday, June 3rd. This represents a $1.48 dividend on an annualized basis and a yield of 1.91%. NIKE’s dividend payout ratio (DPR) is presently 43.53%.

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.