Investors Sell Shares of Nike Inc (NKE) on Strength After Analyst Downgrade

Investors sold shares of Nike Inc (NYSE:NKE) on strength during trading on Friday after Robert W. Baird lowered their price target on the stock from $67.00 to $62.00. $106.73 million flowed into the stock on the tick-up and $168.87 million flowed out of the stock on the tick-down, for a money net flow of $62.14 million out of the stock. Of all stocks tracked, Nike had the 0th highest net out-flow for the day. Nike traded up $0.99 for the day and closed at $56.36

Several other analysts also recently issued reports on the stock. Citigroup Inc lifted their price target on shares of Nike to $66.00 in a research report on Thursday. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Nike in a research report on Wednesday. Vetr raised shares of Nike from a “buy” rating to a “strong-buy” rating and set a $63.24 price target for the company in a research report on Wednesday. JPMorgan Chase & Co. set a $61.00 price target on shares of Nike and gave the company a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity reissued a “hold” rating and issued a $51.00 price target on shares of Nike in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Nike presently has a consensus rating of “Buy” and a consensus price target of $61.46.

In other news, Chairman Mark G. Parker sold 100,000 shares of the business’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $52.94, for a total transaction of $5,294,000.00. Following the completion of the transaction, the chairman now owns 1,966,235 shares of the company’s stock, valued at $104,092,480.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John F. Slusher sold 136,000 shares of the business’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $52.13, for a total value of $7,089,680.00. Following the transaction, the executive vice president now directly owns 225,165 shares of the company’s stock, valued at approximately $11,737,851.45. The disclosure for this sale can be found here. Insiders have sold 636,000 shares of company stock valued at $33,477,680 in the last three months. 3.90% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Nike by 4.6% in the fourth quarter. State Street Corp now owns 58,719,250 shares of the footwear maker’s stock valued at $2,984,719,000 after buying an additional 2,563,166 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Nike by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 36,587,010 shares of the footwear maker’s stock valued at $1,926,306,000 after buying an additional 662,231 shares during the last quarter. Morgan Stanley raised its position in shares of Nike by 10.1% in the third quarter. Morgan Stanley now owns 22,764,806 shares of the footwear maker’s stock valued at $1,198,567,000 after buying an additional 2,090,700 shares during the last quarter. Northern Trust Corp raised its position in shares of Nike by 3.6% in the third quarter. Northern Trust Corp now owns 21,830,050 shares of the footwear maker’s stock valued at $1,149,353,000 after buying an additional 755,061 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Nike by 3.4% in the third quarter. BlackRock Fund Advisors now owns 17,700,883 shares of the footwear maker’s stock valued at $931,951,000 after buying an additional 577,883 shares during the last quarter. 62.23% of the stock is owned by institutional investors.

The company has a 50-day moving average of $56.45 and a 200 day moving average of $53.41. The firm has a market capitalization of $93.25 billion, a P/E ratio of 24.85 and a beta of 0.44.

Nike (NYSE:NKE) last posted its earnings results on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.15. Nike had a return on equity of 31.70% and a net margin of 11.60%. The company had revenue of $8.43 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the company earned $0.55 earnings per share. Nike’s revenue was up 5.0% on a year-over-year basis. On average, equities research analysts forecast that Nike Inc will post $2.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Monday, March 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend is Thursday, March 2nd. Nike’s dividend payout ratio is 31.72%.

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Nike Company Profile

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.

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