Nike, Inc. (NKE) Upgraded to “Overweight” by Morgan Stanley
Nike, Inc. (NYSE:NKE) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, The Fly reports.
NKE has been the topic of several other research reports. Bank of America Corporation restated an “underperform” rating and set a $46.00 price target on shares of Nike in a report on Wednesday, March 22nd. Vetr downgraded Nike from a “buy” rating to a “hold” rating and set a $58.44 price target on the stock. in a report on Monday, April 17th. Credit Suisse Group restated an “outperform” rating and set a $67.00 price target on shares of Nike in a report on Wednesday, March 22nd. Canaccord Genuity set a $51.00 price target on Nike and gave the stock a “hold” rating in a report on Friday, May 26th. Finally, Nomura restated a “buy” rating on shares of Nike in a report on Monday, May 15th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $60.61.
Shares of Nike (NKE) traded up 0.21% during trading on Wednesday, hitting $57.77. The stock had a trading volume of 4,419,759 shares. The stock has a market cap of $95.14 billion, a price-to-earnings ratio of 23.02 and a beta of 0.60. Nike has a 12 month low of $49.01 and a 12 month high of $60.33. The company’s 50 day moving average price is $54.70 and its 200 day moving average price is $54.87.
Nike (NYSE:NKE) last posted its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same quarter in the prior year, the company earned $0.49 EPS. Nike’s revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Nike will post $2.43 earnings per share for the current fiscal year.
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In other Nike news, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the transaction, the insider now owns 729,610 shares in the company, valued at $42,047,424.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Hilary K. Krane sold 28,072 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $58.10, for a total value of $1,630,983.20. Following the transaction, the chief accounting officer now owns 177,723 shares in the company, valued at approximately $10,325,706.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 388,315 shares of company stock worth $22,352,336. 3.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Baltimore Washington Financial Advisors Inc. bought a new position in shares of Nike during the fourth quarter worth approximately $10,508,000. V Wealth Management LLC bought a new position in shares of Nike during the second quarter worth approximately $100,000. Webster Bank N. A. boosted its position in shares of Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock worth $117,000 after buying an additional 900 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in shares of Nike during the first quarter worth approximately $117,000. Finally, Gierl Augustine Investment Management Inc boosted its position in shares of Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock worth $118,000 after buying an additional 107 shares in the last quarter. Institutional investors own 63.98% 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’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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