Nike, Inc. (NKE) Stock Rating Lowered by BidaskClub
Nike, Inc. (NYSE:NKE) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.
Several other research firms also recently weighed in on NKE. Nomura restated a “buy” rating and issued a $60.00 price objective on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co downgraded Nike from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $61.00 to $58.00 in a report on Friday, June 16th. Telsey Advisory Group decreased their price objective on Nike from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, June 22nd. Cowen and Company lifted their price objective on Nike from $53.00 to $54.00 and gave the company a “market perform” rating in a report on Friday, June 30th. Finally, Vetr upgraded Nike from a “hold” rating to a “buy” rating and set a $55.06 price objective for the company in a report on Thursday, June 15th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-three have issued a buy rating to the company. Nike presently has a consensus rating of “Buy” and a consensus price target of $61.11.
Shares of Nike (NYSE:NKE) opened at 54.95 on Friday. The stock has a market capitalization of $90.29 billion, a P/E ratio of 21.89 and a beta of 0.59. Nike has a 52-week low of $49.01 and a 52-week high of $60.53. The stock has a 50 day moving average of $58.64 and a 200-day moving average of $55.77.
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, beating the consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. Analysts predict that Nike will post $2.42 EPS for the current fiscal year.
In related news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the completion of the sale, the chief financial officer now directly owns 50,246 shares in the company, valued at $2,847,943.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric D. Sprunk sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $59.00, for a total value of $2,950,000.00. Following the sale, the insider now owns 300,108 shares of the company’s stock, valued at $17,706,372. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock valued at $28,485,174 over the last quarter. 3.90% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Personal Capital Advisors Corp boosted its stake in shares of Nike by 15.5% in the first quarter. Personal Capital Advisors Corp now owns 83,943 shares of the footwear maker’s stock valued at $4,758,000 after buying an additional 11,288 shares during the last quarter. Adviser Investments LLC purchased a new stake in shares of Nike during the first quarter valued at approximately $2,645,000. North Star Asset Management Inc. boosted its stake in shares of Nike by 7.8% in the first quarter. North Star Asset Management Inc. now owns 56,732 shares of the footwear maker’s stock valued at $3,162,000 after buying an additional 4,129 shares during the last quarter. Summit Global Investments purchased a new stake in shares of Nike during the first quarter valued at approximately $508,000. Finally, Lederer & Associates Investment Counsel CA boosted its stake in shares of Nike by 1.4% in the first quarter. Lederer & Associates Investment Counsel CA now owns 6,330 shares of the footwear maker’s stock valued at $353,000 after buying an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.
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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