Nike Inc. (NKE) Lifted to Strong-Buy at Vetr Inc.
Vetr upgraded shares of Nike Inc. (NYSE:NKE) from a buy rating to a strong-buy rating in a report published on Tuesday. The brokerage currently has $56.19 price objective on the footwear maker’s stock.
NKE has been the topic of several other reports. Zacks Investment Research raised Nike from a sell rating to a hold rating in a research note on Thursday, September 22nd. FBR & Co lowered their price objective on shares of Nike from $63.00 to $55.00 and set a market perform rating for the company in a report on Wednesday, September 28th. Piper Jaffray Cos. restated a neutral rating and issued a $53.00 price objective on shares of Nike in a report on Friday, November 4th. Deutsche Bank AG restated a buy rating on shares of Nike in a report on Wednesday, August 10th. Finally, Brean Capital lowered shares of Nike from a buy rating to a hold rating and lowered their price objective for the stock from $63.00 to $60.00 in a report on Wednesday, September 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-two have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $63.43.
Nike (NYSE:NKE) opened at 51.59 on Tuesday. The firm has a market capitalization of $85.92 billion, a P/E ratio of 23.28 and a beta of 0.48. Nike has a 1-year low of $49.01 and a 1-year high of $68.19. The company’s 50-day moving average price is $51.33 and its 200-day moving average price is $54.98.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating 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 had revenue of $9.06 billion for the quarter. During the same period last year, the business posted $1.34 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Equities research analysts expect that Nike will post $2.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Monday, December 5th will be issued a $0.18 dividend. This is a boost from Nike’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 1.40%. Nike’s dividend payout ratio is presently 28.83%.
In other Nike news, Director John C. Lechleiter purchased 1,000 shares of Nike stock in a transaction that occurred on Friday, September 30th. The stock was purchased at an average price of $52.72 per share, for a total transaction of $52,720.00. Following the transaction, the director now directly owns 27,560 shares in the company, valued at $1,452,963.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mark G. Parker sold 150,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $49.78, for a total transaction of $7,467,000.00. Following the completion of the sale, the chairman now owns 1,985,225 shares of the company’s stock, valued at approximately $98,824,500.50. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Colony Group LLC increased its stake in Nike by 9.3% in the third quarter. Colony Group LLC now owns 4,340 shares of the footwear maker’s stock valued at $229,000 after buying an additional 370 shares during the period. Altfest L J & Co. Inc. increased its stake in Nike by 0.5% in the third quarter. Altfest L J & Co. Inc. now owns 3,964 shares of the footwear maker’s stock valued at $209,000 after buying an additional 20 shares during the period. Cable Hill Partners LLC increased its stake in Nike by 3.0% in the third quarter. Cable Hill Partners LLC now owns 28,633 shares of the footwear maker’s stock valued at $1,490,000 after buying an additional 842 shares during the period. Mosaic Family Wealth LLC increased its stake in Nike by 11.4% in the third quarter. Mosaic Family Wealth LLC now owns 45,815 shares of the footwear maker’s stock valued at $2,412,000 after buying an additional 4,687 shares during the period. Finally, Covington Capital Management increased its stake in Nike by 2.0% in the third quarter. Covington Capital Management now owns 298,179 shares of the footwear maker’s stock valued at $21,061,000 after buying an additional 5,745 shares during the period. Hedge funds and other institutional investors own 62.58% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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