It’s been one heck of a February thus far for shares of Nike Inc (NYSE:NKE) as the stock has plunged 10% since February 1. The dumping of Nike Inc (NYSE:NKE) shares intensified this afternoon after a report was released indicating that weekly sales for the shoe giant had fallen year-over-year thanks in part to increasing demand for Under Armour and Adidas footwear.
According to a report by Deutsche Bank analyst Dave Weiner, who used key data points from market researcher SportScanInfo, footwear sales for Nike were down 9.1% for the week ending January 30 when compared to the same week, a year prior. At the same time Under Armour’s sales increased a staggering 70.5% for the same week, when compared to last year, and Adidas saw a 24.1% rise in sales as well. It seems as if this data from a single week has scared the markets as the stock is down considerably today.
The stock is down 5.28% or $3.17 following the news, hitting $56.99 per share. Approximately 10.61M shares traded hands. NKE shares have risen 9.97% since July 1, 2015 and are currently uptrending. It has outperformed the S&P500 by 18.84%.
From a total of 25 analysts covering Nike Inc. (NYSE:NKE) stock, 21 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 84% of the ratings are positive. The highest target price is $156.0 while the lowest target price is $75. The mean of all analyst targets is $132.15 which is 131.88% above today’s ($56.99) stock price. Nike Inc. was the topic of 55 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc. DA Davidson maintained shares on December 28 with a “Buy” rating. BB&T Capital upgraded shares to a”Buy” rating and a $148 target share price in their report from an October 19. Telsey Advisory Group maintained NKE stock in a recent report from December 23 with a “Outperform” rating. B. Riley & Co maintained the rating on October 16. B. Riley & Co has a “Buy” rating and a $140 price target on shares. Finally, Goldman Sachs downgraded the stock to a “Buy” rating in a report they issued on a December 2.
The institutional sentiment decreased to 1.01 in Q2 2015. It’s down 0.04, from 1.05 in 2015Q2. The ratio dropped, as 51 funds sold all their Nike Inc shares they owned while 458 reduced their positions. 121 funds bought stakes while 393 increased their total positions. Institutions now own 505.48 million shares which is 7.73% less than the previous share count of 547.84 million in 2015Q2.
Jasper Ridge Partners L.P. holds 10.7% of its total portfolio in Nike Inc, equating to 1.17 million shares. Mcdonald Capital Investors Inc Ca owns 793,758 shares representing 10.49% of their total US portfolio. Moreover, Lansdowne Partners (Uk) Llp has 8.84% of their total portfolio invested in the company, equating to 8.53 million shares. The Florida-based Polen Capital Management Llc has a total of 7.82% of their portfolio invested in the stock. Suncoast Equity Management, a Florida-based fund reported 126,896 shares owned.
Since March 6, 2015, the stock had 0 buys, and 10 insider sales for a total of $65.30 million in net activity. Sprunk Eric D sold 91,282 shares worth $12.09 million. Jackson Jeanne P sold 12,500 shares worth $1.60 million. Cook Timothy D sold 8,000 shares worth $996,722. Krane Hilary K sold 25,000 shares worth $3.13M. The insider Slusher John F sold 28,000 shares worth $3.41M.
NIKE, Inc. is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The company has a market cap of $101.95 billion. The Firm sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites , and through a mix of independent distributors and licensees throughout the world. It has 27.69 P/E ratio. The Firm focuses its NIKE Brand product offerings in eight key categories: Running, Basketball, Football (Soccer), Men’s Training, Women’s Training, Action Sports, Sportswear (the Company’s sports-inspired lifestyle products) and Golf.