Nike Inc. (NKE) Price Target Cut to $55.00
Nike Inc. (NYSE:NKE) had its price target decreased by FBR & Co from $63.00 to $55.00 in a note issued to investors on Wednesday. The brokerage currently has a “mkt perform” rating on the footwear maker’s stock. FBR & Co’s price target points to a potential downside of 0.61% from the stock’s current price.
NKE has been the topic of a number of other reports. Vetr cut Nike from a “hold” rating to a “sell” rating and set a $54.86 price objective on the stock. in a research report on Monday, July 11th. Barclays PLC set a $70.00 price objective on Nike and gave the company a “buy” rating in a research report on Monday, September 12th. Citigroup Inc. boosted their price objective on Nike from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday. B. Riley lowered their price objective on Nike from $62.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, OTR Global cut Nike to a “positive” rating in a research report on Thursday, June 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Nike currently has an average rating of “Buy” and a consensus target price of $64.73.
Shares of Nike (NYSE:NKE) opened at 55.34 on Wednesday. Nike has a 52-week low of $51.48 and a 52-week high of $68.19. The firm has a market cap of $92.84 billion, a P/E ratio of 25.62 and a beta of 0.52. The company’s 50-day moving average is $56.79 and its 200-day moving average is $57.33.
Nike (NYSE:NKE) last released its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.17. The business had revenue of $9.06 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nike had a return on equity of 29.57% and a net margin of 11.61%. Nike’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.34 earnings per share. Equities research analysts forecast that Nike will post $2.40 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Tuesday, September 6th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.64 annualized dividend and a yield of 1.16%. Nike’s dividend payout ratio (DPR) is presently 29.63%.
In related news, Director John C. Lechleiter purchased 1,000 shares of Nike stock in a transaction that occurred on Friday, July 1st. The stock was purchased at an average cost of $55.09 per share, with a total value of $55,090.00. Following the completion of the transaction, the director now owns 23,682 shares of the company’s stock, valued at approximately $1,304,641.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Hilary K. Krane sold 100,000 shares of the stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $56.99, for a total value of $5,699,000.00. Following the transaction, the executive vice president now directly owns 310,795 shares of the company’s stock, valued at $17,712,207.05. The disclosure for this sale can be found here. Corporate insiders own 3.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NKE. Montrusco Bolton Investments Inc. boosted its position in shares of Nike by 104.8% in the first quarter. Montrusco Bolton Investments Inc. now owns 153,349 shares of the footwear maker’s stock valued at $9,419,000 after buying an additional 78,461 shares during the period. Wendell David Associates Inc. boosted its stake in Nike by 0.4% in the first quarter. Wendell David Associates Inc. now owns 264,034 shares of the footwear maker’s stock worth $16,106,000 after buying an additional 1,160 shares during the last quarter. UMB Bank N A MO boosted its stake in Nike by 6.9% in the first quarter. UMB Bank N A MO now owns 251,490 shares of the footwear maker’s stock worth $15,459,000 after buying an additional 16,315 shares during the last quarter. Windward Capital Management Co. CA boosted its stake in Nike by 1.7% in the first quarter. Windward Capital Management Co. CA now owns 406,958 shares of the footwear maker’s stock worth $25,016,000 after buying an additional 6,936 shares during the last quarter. Finally, OLD National Bancorp IN boosted its stake in Nike by 5.1% in the first quarter. OLD National Bancorp IN now owns 37,850 shares of the footwear maker’s stock worth $2,327,000 after buying an additional 1,848 shares during the last quarter. 62.04% of the stock is owned by hedge funds and other institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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