Nike, Inc. (NKE) Given Neutral Rating at Wedbush
Nike, Inc. (NYSE:NKE)‘s stock had its “neutral” rating reiterated by research analysts at Wedbush in a research note issued to investors on Thursday. They presently have a $53.40 price target on the footwear maker’s stock, up from their prior price target of $52.00. Wedbush’s price objective indicates a potential downside of 0.22% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. Morgan Stanley reissued an “equal weight” rating and set a $56.00 price objective on shares of Nike in a report on Wednesday, June 21st. Credit Suisse Group set a $63.00 price objective on shares of Nike and gave the company a “buy” rating in a report on Saturday, June 24th. UBS AG reissued a “buy” rating and set a $62.00 price objective (down from $63.00) on shares of Nike in a report on Tuesday, June 27th. Nomura reissued a “buy” rating and set a $60.00 price objective on shares of Nike in a report on Friday, June 30th. Finally, Canaccord Genuity set a $51.00 price objective on shares of Nike and gave the company a “hold” rating in a report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $60.48.
Nike (NYSE:NKE) opened at 53.53 on Thursday. The company has a market capitalization of $87.96 billion, a P/E ratio of 21.33 and a beta of 0.61. The company has a 50-day moving average of $56.31 and a 200 day moving average of $55.53. Nike has a 12-month low of $49.01 and a 12-month high of $60.53.
Nike (NYSE:NKE) last released its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same period in the previous year, the company earned $0.49 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts forecast that Nike will post $2.42 earnings per share for the current fiscal year.
In related news, insider Eric D. Sprunk sold 50,000 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $59.00, for a total transaction of $2,950,000.00. Following the completion of the sale, the insider now directly owns 300,108 shares of the company’s stock, valued at approximately $17,706,372. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total value of $11,526,000.00. Following the sale, the insider now directly owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The disclosure for this sale can be found here. Insiders have sold a total of 492,360 shares of company stock valued at $28,485,174 over the last ninety days. Insiders own 3.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. V Wealth Management LLC bought a new position in Nike in the 2nd quarter valued at $100,000. Webster Bank N. A. boosted its position in Nike by 75.5% in the 1st 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. Asset Planning Services Ltd. boosted its position in Nike by 0.3% in the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Atlantic Trust LLC bought a new position in Nike in the 2nd quarter valued at $136,000. Finally, Rational Advisors LLC boosted its position in Nike by 14.3% in the 1st quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after buying an additional 321 shares during the last quarter. Hedge funds and other institutional investors own 62.72% 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.
Receive News & Ratings for Nike Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike Inc. and related companies with MarketBeat.com's FREE daily email newsletter.