Barclays Cuts NIKE (NYSE:NKE) Price Target to $60.00

NIKE (NYSE:NKE) had its price objective lowered by Barclays from $70.00 to $60.00 in a research note released on Monday,Benzinga reports. The firm currently has an equal weight rating on the footwear maker’s stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird lowered their price objective on NIKE from $105.00 to $99.00 and set an “outperform” rating on the stock in a research report on Friday, March 21st. China Renaissance began coverage on NIKE in a research note on Wednesday, March 19th. They issued a “hold” rating for the company. Jefferies Financial Group raised NIKE from a “hold” rating to a “buy” rating and boosted their price target for the company from $75.00 to $115.00 in a research note on Monday, February 24th. Stifel Nicolaus dropped their price target on NIKE from $75.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, April 10th. Finally, Wells Fargo & Company downgraded NIKE from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $75.00 to $55.00 in a research note on Wednesday, April 30th. Seventeen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.30.

NIKE Stock Down 1.0%

NKE opened at $61.77 on Monday. NIKE has a 1-year low of $52.28 and a 1-year high of $98.04. The stock’s fifty day simple moving average is $61.57 and its 200 day simple moving average is $70.96. 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 stock has a market cap of $91.37 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 2.52 and a beta of 1.23.

NIKE (NYSE:NKE) last posted its quarterly earnings data on Thursday, March 20th. The footwear maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.26. The firm had revenue of $11.27 billion for 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 company’s quarterly revenue was down 9.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 EPS. As a group, research analysts expect that NIKE will post 2.05 earnings per share for the current year.

NIKE Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Monday, June 2nd. NIKE’s payout ratio is presently 53.16%.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 169,732 shares of the 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 transaction, the chairman now directly owns 896,632 shares in the company, valued at approximately $65,301,708.56. This represents a 15.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Holmes Swan purchased 8,600 shares of the business’s stock in a transaction on Friday, April 4th. The shares were acquired at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the acquisition, the director now directly owns 31,983 shares in the company, valued at approximately $1,869,726.18. This represents a 36.78% increase in their position. The disclosure for this purchase can be found here. Company 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 modified their holdings of the business. Capricorn Fund Managers Ltd acquired a new position in shares of NIKE during the fourth quarter worth approximately $5,384,000. Klein Pavlis & Peasley Financial Inc. raised its position in shares of NIKE by 31.1% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,835 shares of the footwear maker’s stock worth $1,955,000 after purchasing an additional 6,124 shares during the period. FNY Investment Advisers LLC raised its position in shares of NIKE by 5,745.9% during the fourth quarter. FNY Investment Advisers LLC now owns 8,652 shares of the footwear maker’s stock worth $654,000 after purchasing an additional 8,504 shares during the period. Renaissance Technologies LLC raised its position in shares of NIKE by 1,302.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,602,101 shares of the footwear maker’s stock worth $196,901,000 after purchasing an additional 2,416,601 shares during the period. Finally, Mirador Capital Partners LP raised its position in shares of NIKE by 69.8% during the fourth quarter. Mirador Capital Partners LP now owns 72,986 shares of the footwear maker’s stock worth $5,523,000 after purchasing an additional 30,011 shares during the period. 64.25% of the stock is currently owned by institutional investors.

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.