Nike’s (NKE) “Hold” Rating Reaffirmed at FBR & Co
Nike, Inc. (NYSE:NKE)‘s stock had its “hold” rating restated by FBR & Co in a report released on Thursday. They currently have a $53.00 target price on the footwear maker’s stock. FBR & Co’s target price suggests a potential downside of 0.97% from the company’s previous close.
Several other research analysts have also weighed in on NKE. UBS AG restated a “buy” rating and set a $62.00 price objective (down from $63.00) on shares of Nike in a research note on Tuesday, June 27th. DA Davidson reaffirmed a “buy” rating and set a $69.00 target price on shares of Nike in a report on Thursday. Canaccord Genuity set a $51.00 target price on shares of Nike and gave the stock a “hold” rating in a report on Saturday, July 1st. Wedbush reaffirmed a “neutral” rating and set a $53.40 target price (up previously from $52.00) on shares of Nike in a report on Thursday. Finally, Wells Fargo & Company set a $56.00 target price on shares of Nike and gave the stock a “hold” rating in a report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-four have issued a buy rating to the company. Nike currently has a consensus rating of “Buy” and an average price target of $60.48.
Nike (NYSE NKE) traded up 0.13% during midday trading on Thursday, hitting $53.59. 5,433,779 shares of the company traded hands. The stock’s 50-day moving average price is $56.31 and its 200 day moving average price is $55.53. The company has a market capitalization of $88.06 billion, a price-to-earnings ratio of 21.35 and a beta of 0.61. 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, topping the consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. Nike’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. On average, equities analysts forecast that Nike will post $2.42 EPS for the current year.
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In other news, insider Eric D. Sprunk sold 112,323 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the sale, the insider now directly owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the sale, the insider now directly owns 729,610 shares in the company, valued at $42,047,424.30. The disclosure for this sale can be found here. Over 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.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Adviser Investments LLC bought a new position in Nike during the first quarter worth $2,645,000. North Star Asset Management Inc. boosted its stake in Nike by 7.8% during the first quarter. North Star Asset Management Inc. now owns 56,732 shares of the footwear maker’s stock worth $3,162,000 after acquiring an additional 4,129 shares in the last quarter. Hartford Investment Management Co. boosted its stake in Nike by 5.5% during the second quarter. Hartford Investment Management Co. now owns 360,722 shares of the footwear maker’s stock worth $21,283,000 after acquiring an additional 18,759 shares in the last quarter. Summit Global Investments bought a new position in Nike during the first quarter worth $508,000. Finally, Citizens & Northern Corp boosted its stake in Nike by 1.3% during the first quarter. Citizens & Northern Corp now owns 41,689 shares of the footwear maker’s stock worth $2,323,000 after acquiring an additional 535 shares in the last quarter. 62.72% of the stock is currently owned by institutional investors and hedge funds.
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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