Pivotal Research Initiates Coverage on Nike, Inc. (NKE)
Stock analysts at Pivotal Research started coverage on shares of Nike, Inc. (NYSE:NKE) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set a “hold” rating and a $56.00 price target on the footwear maker’s stock. Pivotal Research’s target price would suggest a potential upside of 7.32% from the company’s previous close.
A number of other analysts have also issued reports on the company. Vetr raised Nike from a “buy” rating to a “strong-buy” rating and set a $57.97 price target on the stock in a research note on Wednesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $66.00 price target on shares of Nike in a research note on Saturday, September 30th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $63.00 price target on shares of Nike in a research note on Saturday, September 30th. Buckingham Research reaffirmed a “buy” rating and issued a $64.00 price target on shares of Nike in a research note on Thursday, September 28th. Finally, Instinet reaffirmed a “buy” rating and issued a $62.00 price target (up from $59.00) on shares of Nike in a research note on Wednesday, September 27th. Five investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $59.14.
Shares of Nike (NKE) traded up 0.19% during mid-day trading on Thursday, hitting $52.18. The stock had a trading volume of 5,287,422 shares. The stock has a market cap of $85.53 billion, a P/E ratio of 22.21 and a beta of 0.61. The firm has a 50 day moving average of $53.41 and a 200-day moving average of $55.06. Nike has a one year low of $49.01 and a one year high of $60.53.
Nike (NYSE:NKE) last issued its quarterly earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.09. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.08 billion. Nike had a return on equity of 31.88% and a net margin of 11.47%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 earnings per share. Equities research analysts expect that Nike will post $2.33 earnings per share for the current fiscal year.
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In other news, Director Johnathan A. Rodgers sold 16,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total transaction of $855,200.00. Following the completion of the transaction, the director now directly owns 25,660 shares of the company’s stock, valued at approximately $1,371,527. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Eric D. Sprunk sold 112,323 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $58.61, for a total value of $6,583,251.03. Following the transaction, the insider now directly owns 139,551 shares of the company’s stock, valued at $8,179,084.11. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,117 shares of company stock valued at $9,409,321. 3.90% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of NKE. V Wealth Management LLC purchased a new position in shares of Nike during the 2nd quarter worth approximately $100,000. Webster Bank N. A. raised its stake in shares of Nike by 75.5% during the 1st 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. Asset Planning Services Ltd. raised its stake in shares of Nike by 0.3% during the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock worth $126,000 after buying an additional 7 shares in the last quarter. Atlantic Trust LLC acquired a new stake in shares of Nike in the 2nd quarter worth approximately $136,000. Finally, Rational Advisors LLC grew its holdings in shares of Nike by 14.3% in the 1st quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock worth $143,000 after acquiring an additional 321 shares during the period. 62.64% of the stock is 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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