Nike’s (NKE) “Equal Weight” Rating Reaffirmed at Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Nike Inc. (NYSE:NKE) in a research note published on Tuesday. Morgan Stanley currently has a $60.00 price target on the footwear maker’s stock.
A number of other brokerages have also commented on NKE. B. Riley restated a buy rating and set a $66.00 price objective on shares of Nike in a research report on Monday, June 27th. Zacks Investment Research upgraded Nike from a sell rating to a hold rating in a research report on Thursday, September 22nd. Susquehanna restated a positive rating and set a $74.00 price objective on shares of Nike in a research report on Wednesday, June 22nd. Cowen and Company reiterated a buy rating on shares of Nike in a report on Wednesday, June 22nd. Finally, FBR & Co reduced their price target on Nike from $63.00 to $55.00 and set a market perform rating for the company in a report on Wednesday, September 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $63.97.
Shares of Nike (NYSE:NKE) traded up 1.02% during mid-day trading on Tuesday, reaching $51.74. 1,743,465 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $54.35 and a 200-day moving average price of $56.26. Nike has a 1-year low of $50.96 and a 1-year high of $68.19. The company has a market capitalization of $86.51 billion, a P/E ratio of 23.35 and a beta of 0.56.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.17. Nike had a return on equity of 30.56% and a net margin of 11.60%. The firm earned $9.06 billion during the quarter. During the same quarter in the previous year, the business posted $1.34 earnings per share. The company’s revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that Nike will post $2.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.25%. Nike’s dividend payout ratio (DPR) is currently 28.83%.
In other news, EVP Hilary K. Krane sold 100,000 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $56.99, for a total transaction of $5,699,000.00. Following the completion of the transaction, the executive vice president now directly owns 310,795 shares of the company’s stock, valued at $17,712,207.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John C. Lechleiter acquired 1,000 shares of Nike stock in a transaction dated Friday, September 30th. The shares were purchased at an average cost of $52.72 per share, with a total value of $52,720.00. Following the completion of the transaction, the director now directly owns 27,560 shares of the company’s stock, valued at $1,452,963.20. The disclosure for this purchase can be found here. 3.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. SevenBridge Financial Group LLC bought a new position in shares of Nike during the second quarter valued at approximately $100,000. CapWealth Advisors LLC boosted its position in shares of Nike by 183.3% in the first quarter. CapWealth Advisors LLC now owns 1,700 shares of the footwear maker’s stock valued at $104,000 after buying an additional 1,100 shares during the period. Cribstone Capital Management LLC bought a new position in shares of Nike during the second quarter valued at approximately $106,000. Gierl Augustine Investment Management Inc boosted its position in shares of Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock valued at $111,000 after buying an additional 6 shares during the period. Finally, CWM LLC boosted its position in shares of Nike by 0.3% in the second quarter. CWM LLC now owns 2,227 shares of the footwear maker’s stock valued at $123,000 after buying an additional 7 shares during the period. 62.08% of the stock is owned by 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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