Barclays Lowers NIKE (NYSE:NKE) to Equal Weight

Barclays lowered shares of NIKE (NYSE:NKEGet Rating) from an overweight rating to an equal weight rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has $110.00 price target on the footwear maker’s stock, down from their prior price target of $125.00.

A number of other research analysts have also recently commented on NKE. Seaport Res Ptn cut shares of NIKE from a buy rating to a neutral rating in a research report on Wednesday, June 22nd. Cowen reduced their price target on shares of NIKE from $127.00 to $124.00 and set an outperform rating on the stock in a research report on Monday, September 12th. The Goldman Sachs Group reduced their price target on shares of NIKE from $155.00 to $120.00 and set a buy rating on the stock in a research report on Wednesday, June 29th. Cowen cut their target price on shares of NIKE from $127.00 to $124.00 and set an outperform rating on the stock in a report on Monday, September 12th. Finally, Robert W. Baird cut their target price on shares of NIKE from $150.00 to $140.00 and set an outperform rating on the stock in a report on Tuesday, June 28th. Eleven research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $132.77.

NIKE Stock Down 1.2 %

NKE stock opened at $98.55 on Tuesday. The company has a current ratio of 2.63, a quick ratio of 1.84 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $109.72 and its 200 day moving average is $115.81. The stock has a market cap of $154.58 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 2.17 and a beta of 1.03. NIKE has a 1-year low of $97.83 and a 1-year high of $179.10.

NIKE (NYSE:NKEGet Rating) last issued its quarterly earnings results on Monday, June 27th. The footwear maker reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.09. NIKE had a net margin of 12.94% and a return on equity of 40.74%. The business had revenue of $12.20 billion for the quarter, compared to analysts’ expectations of $12.10 billion. During the same period last year, the business earned $0.93 earnings per share. The business’s quarterly revenue was down .8% on a year-over-year basis. Sell-side analysts predict that NIKE will post 3.78 EPS for the current fiscal year.

NIKE Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th will be given a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Friday, September 2nd. NIKE’s dividend payout ratio is currently 32.45%.

NIKE declared that its Board of Directors has approved a stock repurchase plan on Monday, June 27th that permits the company to buyback $18.00 billion in shares. This buyback authorization permits the footwear maker to reacquire up to 11% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at NIKE

In other news, CFO Matthew Friend sold 4,139 shares of NIKE stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total value of $469,445.38. Following the completion of the transaction, the chief financial officer now owns 56,539 shares of the company’s stock, valued at approximately $6,412,653.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Matthew Friend sold 4,139 shares of NIKE stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $113.42, for a total value of $469,445.38. Following the completion of the transaction, the chief financial officer now owns 56,539 shares of the company’s stock, valued at approximately $6,412,653.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John W. Rogers, Jr. purchased 10,000 shares of the stock in a transaction dated Thursday, June 30th. The stock was bought at an average cost of $102.96 per share, with a total value of $1,029,600.00. Following the transaction, the director now owns 25,681 shares in the company, valued at $2,644,115.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 59,561 shares of company stock valued at $6,374,094. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NIKE

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in NIKE in the 4th quarter worth about $1,894,686,000. Renaissance Technologies LLC bought a new stake in NIKE in the 2nd quarter worth about $212,851,000. State Street Corp increased its holdings in NIKE by 3.6% in the 4th quarter. State Street Corp now owns 56,598,375 shares of the footwear maker’s stock worth $9,433,251,000 after buying an additional 1,969,270 shares in the last quarter. Wellington Management Group LLP increased its holdings in NIKE by 9.0% in the 1st quarter. Wellington Management Group LLP now owns 18,040,233 shares of the footwear maker’s stock worth $2,427,495,000 after buying an additional 1,486,421 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in NIKE by 221.5% in the 1st quarter. Lazard Asset Management LLC now owns 2,046,445 shares of the footwear maker’s stock worth $275,368,000 after buying an additional 1,409,913 shares in the last quarter. Hedge funds and other institutional investors own 64.19% of the company’s stock.

About NIKE

(Get Rating)

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells men's, women's, and kids athletic footwear, apparel, equipment, and accessories 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.

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