Nike’s (NKE) “Equal Weight” Rating Reaffirmed at Morgan Stanley
Nike Inc. (NYSE:NKE)‘s stock had its “equal weight” rating reissued by stock analysts at Morgan Stanley in a report issued on Tuesday. They currently have a $60.00 target price on the footwear maker’s stock. Morgan Stanley’s price objective would suggest a potential upside of 17.58% from the stock’s current price.
NKE has been the subject of a number of other reports. Deutsche Bank AG restated a “buy” rating and set a $75.00 target price on shares of Nike in a research report on Sunday, September 25th. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. Canaccord Genuity decreased their target price on shares of Nike from $52.00 to $51.00 and set a “hold” rating for the company in a research report on Thursday, October 13th. Cowen and Company set a $63.00 target price on shares of Nike and gave the company a “buy” rating in a research report on Tuesday, September 13th. Finally, Jefferies Group reiterated a “buy” rating on shares of Nike in a research report on Monday, September 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $63.99.
Shares of Nike (NYSE:NKE) traded up 0.6533% on Tuesday, reaching $51.3634. The company had a trading volume of 4,157,868 shares. The company’s 50-day moving average price is $54.56 and its 200-day moving average price is $56.33. The firm has a market capitalization of $85.88 billion, a price-to-earnings ratio of 23.1784 and a beta of 0.56. Nike has a 52-week low of $50.96 and a 52-week high of $68.20.
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Nike (NYSE:NKE) last posted its earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.17. The company earned $9.06 billion during the quarter. Nike had a net margin of 11.60% and a return on equity of 30.56%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 earnings per share. On average, analysts predict that Nike will post $2.38 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Tuesday, September 6th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Thursday, September 1st. Nike’s dividend payout ratio (DPR) is 28.83%.
In related news, EVP Hilary K. Krane sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $56.99, for a total value of $5,699,000.00. Following the completion of the sale, the executive vice president now owns 310,795 shares in the company, valued at $17,712,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John C. Lechleiter acquired 1,000 shares of Nike stock in a transaction that occurred on Friday, September 30th. The stock was bought at an average price of $52.72 per share, with a total value of $52,720.00. Following the purchase, the director now directly owns 27,560 shares of the company’s stock, valued at $1,452,963.20. The disclosure for this purchase can be found here. 3.90% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. SevenBridge Financial Group LLC acquired a new position in shares of Nike during the second quarter worth about $100,000. CapWealth Advisors LLC boosted its position in shares of Nike by 183.3% in the first quarter. CapWealth Advisors LLC now owns 1,700 shares of the footwear maker’s stock worth $104,000 after buying an additional 1,100 shares during the last quarter. Cribstone Capital Management LLC acquired a new position in shares of Nike during the second quarter worth about $106,000. Gierl Augustine Investment Management Inc boosted its position in shares of Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock worth $111,000 after buying an additional 6 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Nike by 0.3% in the second quarter. CWM LLC now owns 2,227 shares of the footwear maker’s stock worth $123,000 after buying an additional 7 shares during the last quarter. Hedge funds and other institutional investors 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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