Nike, Inc. (NKE) Rating Lowered to Sell at BidaskClub
Nike, Inc. (NYSE:NKE) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a report released on Saturday.
NKE has been the subject of several other research reports. Piper Jaffray Companies set a $50.00 price target on shares of Nike and gave the company a “hold” rating in a research note on Saturday, July 1st. Vetr downgraded shares of Nike from a “buy” rating to a “hold” rating and set a $54.16 price target for the company. in a research note on Monday, June 5th. Robert W. Baird reaffirmed an “outperform” rating and set a $62.00 price target on shares of Nike in a research note on Friday, June 30th. Morgan Stanley reaffirmed a “neutral” rating and set a $56.00 price target on shares of Nike in a research note on Wednesday, June 7th. Finally, Nomura reaffirmed a “buy” rating on shares of Nike in a research note on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $61.04.
Nike (NYSE NKE) traded down 4.37% during mid-day trading on Friday, reaching $54.95. 22,905,183 shares of the company’s stock were exchanged. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The firm has a market cap of $90.29 billion, a price-to-earnings ratio of 21.89 and a beta of 0.59. The stock has a 50-day moving average of $58.64 and a 200-day moving average of $55.77. Nike also was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 14,365 call options on the stock. This is an increase of approximately 228% compared to the average daily volume of 4,379 call options.
Nike (NYSE:NKE) last released its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 earnings per share. Analysts anticipate that Nike will post $2.42 earnings per share for the current year.
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In other news, CFO Andrew Campion sold 5,722 shares of Nike stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the transaction, the chief financial officer now owns 34,976 shares in the company, valued at $2,077,574.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of Nike 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 completion of the transaction, the insider now owns 729,610 shares of the company’s stock, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 492,360 shares of company stock worth $28,485,174. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently bought and sold shares of NKE. V Wealth Management LLC acquired a new position in Nike during the second quarter valued at $100,000. Crestwood Advisors Group LLC acquired a new position in Nike during the first quarter valued at $117,000. Webster Bank N. A. increased its position in Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the last quarter. Gierl Augustine Investment Management Inc increased its position in Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock valued at $118,000 after buying an additional 107 shares during the last quarter. Finally, Asset Planning Services Ltd. acquired a new position in Nike during the first quarter valued at $118,000. Hedge funds and other institutional investors own 63.47% of the company’s stock.
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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