Nike Inc. (NKE) Stock Rating Reaffirmed by Morgan Stanley
Nike Inc. (NYSE:NKE)‘s stock had its “equal weight” rating reaffirmed by research analysts at Morgan Stanley in a note issued to investors on Tuesday. They currently have a $60.00 price objective on the footwear maker’s stock. Morgan Stanley’s price objective suggests a potential upside of 17.58% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the stock. Piper Jaffray Cos. reiterated a “neutral” rating and set a $53.00 price target on shares of Nike in a research note on Wednesday, October 12th. Robert W. Baird reiterated an “outperform” rating and set a $67.00 price target on shares of Nike in a research note on Wednesday, July 6th. Stifel Nicolaus reiterated a “buy” rating and set a $68.00 price target on shares of Nike in a research note on Friday, August 26th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $62.00 price target on shares of Nike in a research note on Tuesday, September 27th. Finally, Vetr downgraded shares of Nike from a “hold” rating to a “sell” rating and set a $54.43 price target on the stock. in a research note on Monday, August 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $63.99.
Shares of Nike (NYSE:NKE) traded up 0.6829% during trading on Tuesday, reaching $51.3785. 4,145,720 shares of the company were exchanged. The stock has a 50-day moving average of $54.56 and a 200 day moving average of $56.33. Nike has a 52-week low of $50.96 and a 52-week high of $68.20. The stock has a market capitalization of $85.90 billion, a P/E ratio of 23.1852 and a beta of 0.56.
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Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.17. The business had revenue of $9.06 billion for the quarter. Nike had a net margin of 11.60% and a return on equity of 30.56%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.34 EPS. On average, equities analysts anticipate that Nike will post $2.38 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Tuesday, September 6th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. Nike’s dividend payout ratio is currently 28.83%.
In related news, EVP John F. Slusher sold 72,696 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the completion of the sale, the executive vice president now directly owns 231,861 shares in the company, valued at approximately $13,389,972.75. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John C. Lechleiter acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The shares were acquired at an average price of $52.72 per share, with a total value of $52,720.00. Following the completion of the transaction, the director now owns 27,560 shares in the company, valued at $1,452,963.20. The disclosure for this purchase can be found here. Corporate insiders own 3.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Detwiler Fenton Investment Management purchased a new position in Nike during the fourth quarter valued at approximately $335,000. Central Bank & Trust Company increased its position in Nike by 75.8% in the fourth quarter. Central Bank & Trust Company now owns 81,612 shares of the footwear maker’s stock valued at $5,101,000 after buying an additional 35,196 shares in the last quarter. Amarillo National Bank increased its position in Nike by 77.1% in the fourth quarter. Amarillo National Bank now owns 8,812 shares of the footwear maker’s stock valued at $551,000 after buying an additional 3,836 shares in the last quarter. Meristem purchased a new position in Nike during the fourth quarter valued at approximately $1,153,000. Finally, Fulton Bank increased its position in Nike by 7.0% in the fourth quarter. Fulton Bank now owns 70,616 shares of the footwear maker’s stock valued at $4,414,000 after buying an additional 4,622 shares in the last quarter. Institutional investors and hedge funds own 62.08% of the company’s stock.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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