JPMorgan Chase & Co. Cuts NIKE (NYSE:NKE) Price Target to $73.00

NIKE (NYSE:NKE) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $77.00 to $73.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 5.59% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Evercore ISI dropped their price objective on shares of NIKE from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. Sanford C. Bernstein lowered their price objective on shares of NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday, September 19th. UBS Group raised their price objective on shares of NIKE from $78.00 to $82.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Robert W. Baird boosted their target price on NIKE from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, Jefferies Financial Group increased their price objective on shares of NIKE from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Fourteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, NIKE currently has an average rating of “Moderate Buy” and a consensus price target of $95.71.

NIKE Stock Down 1.3 %

NYSE:NKE traded down $1.05 during trading hours on Monday, reaching $77.32. The company’s stock had a trading volume of 1,345,685 shares, compared to its average volume of 11,452,845. NIKE has a one year low of $70.75 and a one year high of $123.39. The company has a market cap of $115.93 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 1.91 and a beta of 1.03. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.36 and a quick ratio of 1.58. The business’s 50-day moving average is $80.18 and its 200-day moving average is $82.03.

NIKE (NYSE:NKE) last announced its quarterly earnings data on Tuesday, October 1st. The footwear maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.18. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $11.64 billion. NIKE had a return on equity of 39.84% and a net margin of 10.60%. NIKE’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. Equities research analysts predict that NIKE will post 2.75 EPS for the current year.

Hedge Funds Weigh In On NIKE

Several large investors have recently modified their holdings of NKE. ING Groep NV purchased a new position in NIKE in the third quarter valued at approximately $29,628,000. Cordatus Wealth Management LLC grew its holdings in NIKE by 19.5% during the 3rd quarter. Cordatus Wealth Management LLC now owns 41,510 shares of the footwear maker’s stock valued at $3,669,000 after buying an additional 6,778 shares during the last quarter. Bristlecone Advisors LLC raised its holdings in NIKE by 14.3% in the 3rd quarter. Bristlecone Advisors LLC now owns 93,521 shares of the footwear maker’s stock valued at $8,267,000 after acquiring an additional 11,665 shares during the last quarter. Lazard Freres Gestion S.A.S. boosted its position in shares of NIKE by 23.2% in the third quarter. Lazard Freres Gestion S.A.S. now owns 747,675 shares of the footwear maker’s stock worth $66,094,000 after acquiring an additional 140,632 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in NIKE by 11.8% in the third quarter. D.A. Davidson & CO. now owns 104,951 shares of the footwear maker’s stock valued at $9,278,000 after acquiring an additional 11,108 shares during the last quarter. Institutional investors and hedge funds 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.