Nike (NYSE:NKE) Shares Gap Down After Analyst Downgrade

Nike Inc (NYSE:NKE)’s stock price gapped down prior to trading on Monday after TheStreet downgraded the stock from a b rating to a c+ rating. The stock had previously closed at $88.84, but opened at $93.67. Nike shares last traded at $95.50, with a volume of 4,726,517 shares traded.

NKE has been the subject of a number of other research reports. Cowen lifted their price target on shares of Nike from $85.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. BTIG Research lifted their price target on shares of Nike from $108.00 to $117.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. BMO Capital Markets restated a “buy” rating and issued a $100.00 price target on shares of Nike in a research note on Friday, June 26th. Deutsche Bank lifted their price objective on shares of Nike from $84.00 to $87.00 and gave the stock a “hold” rating in a report on Monday, June 15th. Finally, Piper Sandler lifted their price objective on shares of Nike from $96.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $108.96.

In other Nike news, CAO Hilary K. Krane sold 11,000 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $90.00, for a total value of $990,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Mark G. Parker sold 165,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $99.14, for a total transaction of $16,358,100.00. Following the completion of the sale, the chairman now owns 2,012,954 shares in the company, valued at $199,564,259.56. The disclosure for this sale can be found here. Insiders sold 236,000 shares of company stock valued at $23,228,100 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Heritage Trust Co raised its position in Nike by 2.7% in the first quarter. Heritage Trust Co now owns 4,411 shares of the footwear maker’s stock worth $365,000 after acquiring an additional 117 shares in the last quarter. Pacer Advisors Inc. raised its position in Nike by 4.2% in the first quarter. Pacer Advisors Inc. now owns 3,031 shares of the footwear maker’s stock worth $273,000 after acquiring an additional 122 shares in the last quarter. Farmers Trust Co. raised its position in Nike by 0.7% in the first quarter. Farmers Trust Co. now owns 18,139 shares of the footwear maker’s stock worth $1,501,000 after acquiring an additional 125 shares in the last quarter. Moloney Securities Asset Management LLC raised its position in Nike by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 14,062 shares of the footwear maker’s stock worth $1,164,000 after acquiring an additional 130 shares in the last quarter. Finally, ARGI Investment Services LLC raised its holdings in Nike by 2.9% during the 4th quarter. ARGI Investment Services LLC now owns 4,776 shares of the footwear maker’s stock worth $475,000 after buying an additional 133 shares during the period. Hedge funds and other institutional investors own 64.54% of the company’s stock.

The company has a fifty day simple moving average of $96.34 and a 200-day simple moving average of $93.52. The company has a current ratio of 1.90, a quick ratio of 1.20 and a debt-to-equity ratio of 0.69. The stock has a market cap of $145.66 billion, a price-to-earnings ratio of 62.06, a P/E/G ratio of 3.05 and a beta of 0.78.

Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 25th. The footwear maker reported ($0.51) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.53). The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $7.26 billion. Nike had a return on equity of 31.93% and a net margin of 6.79%. Nike’s quarterly revenue was down 38.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, analysts anticipate that Nike Inc will post 2.51 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $0.245 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $0.98 annualized dividend and a yield of 1.00%. Nike’s payout ratio is presently 52.97%.

Nike Company Profile (NYSE:NKE)

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

Read More: Blue-Chip Stocks

Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.