Short Interest in Nike, Inc. (NKE) Declines By 11.2%
Nike, Inc. (NYSE:NKE) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 25,158,089 shares, a decline of 11.2% from the July 14th total of 28,343,914 shares. Currently, 2.0% of the shares of the stock are short sold. Based on an average daily volume of 7,000,600 shares, the short-interest ratio is currently 3.6 days.
A number of research analysts have weighed in on the stock. Canaccord Genuity set a $51.00 price objective on shares of Nike and gave the company a “hold” rating in a research report on Friday, May 26th. Vetr cut shares of Nike from a “buy” rating to a “hold” rating and set a $58.44 price objective on the stock. in a research report on Monday, April 24th. Nomura reiterated a “buy” rating on shares of Nike in a research report on Monday, May 15th. Cowen and Company set a $54.00 price objective on shares of Nike and gave the company a “hold” rating in a research report on Friday, August 4th. Finally, Instinet reiterated a “buy” rating on shares of Nike in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $61.04.
In related news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the sale, the chief financial officer now owns 50,246 shares in the company, valued at $2,847,943.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Hilary K. Krane sold 28,072 shares of the business’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the completion of the sale, 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. Insiders sold 492,360 shares of company stock worth $28,485,174 in the last 90 days. 3.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Keel Point LLC raised its position in Nike by 1.2% in the second quarter. Keel Point LLC now owns 9,757 shares of the footwear maker’s stock worth $576,000 after buying an additional 119 shares during the last quarter. Piedmont Investment Advisors LLC raised its position in Nike by 0.5% in the second quarter. Piedmont Investment Advisors LLC now owns 282,665 shares of the footwear maker’s stock worth $16,677,000 after buying an additional 1,378 shares during the last quarter. BB&T Investment Services Inc. bought a new position in Nike during the second quarter worth about $1,619,000. Intellectus Partners LLC raised its position in shares of Nike by 10.7% in the second quarter. Intellectus Partners LLC now owns 14,133 shares of the footwear maker’s stock worth $836,000 after buying an additional 1,362 shares in the last quarter. Finally, Security National Bank of SO Dak raised its position in shares of Nike by 0.9% in the second quarter. Security National Bank of SO Dak now owns 40,636 shares of the footwear maker’s stock worth $2,397,000 after buying an additional 365 shares in the last quarter. 63.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Nike (NKE) opened at 58.56 on Wednesday. The stock’s 50 day moving average is $58.31 and its 200-day moving average is $55.72. The firm has a market cap of $96.23 billion, a PE ratio of 23.33 and a beta of 0.59. Nike has a 52 week low of $49.01 and a 52 week high of $60.53.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.10. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, equities analysts predict that Nike will post $2.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, August 31st. Nike’s payout ratio is currently 28.69%.
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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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