Citigroup Cuts NIKE (NYSE:NKE) Price Target to $57.00

NIKE (NYSE:NKE) had its target price cut by research analysts at Citigroup from $72.00 to $57.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the footwear maker’s stock. Citigroup’s price target indicates a potential downside of 0.24% from the company’s previous close.

Several other equities research analysts also recently commented on NKE. China Renaissance assumed coverage on shares of NIKE in a research report on Wednesday, March 19th. They issued a “hold” rating for the company. JPMorgan Chase & Co. reduced their target price on NIKE from $73.00 to $64.00 and set a “neutral” rating for the company in a report on Friday, March 21st. Dbs Bank upgraded NIKE from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Stifel Nicolaus reduced their price objective 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, Jefferies Financial Group upgraded NIKE from a “hold” rating to a “buy” rating and raised their price objective for the stock from $75.00 to $115.00 in a research report on Monday, February 24th. Sixteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.26.

NIKE Price Performance

Shares of NYSE:NKE traded down $0.49 on Monday, reaching $57.14. 6,109,492 shares of the company traded hands, compared to its average volume of 14,394,069. The stock has a market capitalization of $84.51 billion, a PE ratio of 17.67, a P/E/G ratio of 2.52 and a beta of 1.15. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.22 and a quick ratio of 1.51. The company’s 50 day moving average is $66.75 and its 200-day moving average is $72.88. NIKE has a fifty-two week low of $52.28 and a fifty-two week high of $98.04.

NIKE (NYSE:NKE) last announced its earnings results on Thursday, March 20th. The footwear maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.28 by $0.26. The business had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $11.02 billion. NIKE had a return on equity of 36.99% and a net margin of 9.98%. NIKE’s revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, analysts anticipate that NIKE will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling at NIKE

In related news, Chairman Mark G. Parker sold 169,732 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.83, for a total value of $12,361,581.56. Following the completion of the sale, the chairman now owns 896,632 shares in the company, valued at approximately $65,301,708.56. This trade represents a 15.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Holmes Swan purchased 8,600 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $58.46 per share, for a total transaction of $502,756.00. Following the completion of the purchase, the director now directly owns 31,983 shares of the company’s stock, valued at approximately $1,869,726.18. This trade represents a 36.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On NIKE

A number of institutional investors have recently bought and sold shares of NKE. Kanawha Capital Management LLC lifted its holdings in shares of NIKE by 2.6% during the 1st quarter. Kanawha Capital Management LLC now owns 184,558 shares of the footwear maker’s stock worth $11,716,000 after acquiring an additional 4,593 shares during the period. Aaron Wealth Advisors LLC boosted its holdings in NIKE by 4.3% during the first quarter. Aaron Wealth Advisors LLC now owns 4,666 shares of the footwear maker’s stock valued at $296,000 after purchasing an additional 192 shares in the last quarter. FSM Wealth Advisors LLC raised its holdings in shares of NIKE by 14.6% in the 1st quarter. FSM Wealth Advisors LLC now owns 6,064 shares of the footwear maker’s stock worth $385,000 after buying an additional 774 shares in the last quarter. Klingenstein Fields & Co. LP lifted its position in shares of NIKE by 1.3% during the 1st quarter. Klingenstein Fields & Co. LP now owns 180,253 shares of the footwear maker’s stock worth $11,442,000 after buying an additional 2,299 shares during the period. Finally, Arbor Capital Management Inc. ADV boosted its stake in NIKE by 6.2% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 16,217 shares of the footwear maker’s stock valued at $1,041,000 after buying an additional 942 shares in the last quarter. Institutional investors and hedge funds own 64.25% of the company’s stock.

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.