Citigroup Issues Pessimistic Forecast for NIKE (NYSE:NKE) Stock Price

NIKE (NYSE:NKE) had its price target cut by equities research analysts at Citigroup from $74.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the footwear maker’s stock. Citigroup’s price target would suggest a potential upside of 6.39% from the company’s previous close.

A number of other brokerages have also weighed in on NKE. Cowen upgraded shares of NIKE from a “hold” rating to a “buy” rating in a research note on Wednesday, September 10th. TD Cowen raised NIKE from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $62.00 to $85.00 in a report on Wednesday, September 10th. KeyCorp set a $90.00 price objective on NIKE and gave the company an “overweight” rating in a research report on Thursday, October 2nd. Stifel Nicolaus set a $68.00 target price on NIKE and gave the stock a “hold” rating in a research report on Wednesday, October 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $78.00 price target on shares of NIKE in a research report on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, NIKE currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.10.

NIKE Price Performance

NKE opened at $65.79 on Tuesday. The company’s 50-day simple moving average is $65.63 and its two-hundred day simple moving average is $69.23. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.45 and a current ratio of 2.19. The stock has a market capitalization of $97.26 billion, a P/E ratio of 33.74, a P/E/G ratio of 2.23 and a beta of 1.29. NIKE has a 52-week low of $52.28 and a 52-week high of $82.44.

NIKE (NYSE:NKE) last announced its quarterly earnings results on Tuesday, September 30th. The footwear maker reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The firm had revenue of $11.72 billion during the quarter, compared to analyst estimates of $10.96 billion. NIKE had a net margin of 6.23% and a return on equity of 21.16%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 earnings per share. As a group, analysts predict that NIKE will post 2.05 EPS for the current year.

Insiders Place Their Bets

In other NIKE news, Chairman Mark G. Parker sold 86,078 shares of NIKE stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $64.80, for a total transaction of $5,577,854.40. Following the transaction, the chairman owned 647,615 shares of the company’s stock, valued at $41,965,452. The trade was a 11.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Treasure Heinle sold 4,300 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $71.27, for a total transaction of $306,461.00. Following the completion of the transaction, the executive vice president owned 29,396 shares of the company’s stock, valued at approximately $2,095,052.92. The trade was a 12.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On NIKE

Several institutional investors and hedge funds have recently modified their holdings of NKE. Painted Porch Advisors LLC lifted its holdings in shares of NIKE by 587.9% in the third quarter. Painted Porch Advisors LLC now owns 1,424 shares of the footwear maker’s stock worth $99,000 after buying an additional 1,217 shares in the last quarter. Saranac Partners Ltd purchased a new position in NIKE during the third quarter valued at $567,000. Severin Investments LLC bought a new stake in NIKE in the 3rd quarter valued at $508,000. RIA Advisory Group LLC lifted its stake in NIKE by 1.6% in the 3rd quarter. RIA Advisory Group LLC now owns 37,526 shares of the footwear maker’s stock worth $2,617,000 after purchasing an additional 604 shares in the last quarter. Finally, Strategic Advocates LLC bought a new position in shares of NIKE during the 3rd quarter valued at about $65,000. Institutional investors own 64.25% of the company’s stock.

About NIKE

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.