Vetr Inc. Downgrades Nike, Inc. (NKE) to Buy
Nike, Inc. (NYSE:NKE) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Monday. They presently have a $59.57 price objective on the footwear maker’s stock. Vetr‘s price target points to a potential upside of 12.97% from the stock’s previous close.
NKE has been the topic of several other reports. Nomura reissued a “buy” rating and issued a $60.00 target price on shares of Nike in a research report on Friday, June 30th. J P Morgan Chase & Co downgraded shares of Nike from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $61.00 to $58.00 in a research report on Friday, June 16th. Telsey Advisory Group dropped their target price on shares of Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, June 22nd. Cowen and Company lifted their target price on shares of Nike from $53.00 to $54.00 and gave the stock a “market perform” rating in a research report on Friday, June 30th. Finally, Jefferies Group LLC downgraded shares of Nike from a “buy” rating to a “hold” rating and dropped their target price for the stock from $75.00 to $60.00 in a research report on Monday, August 21st. Three investment 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’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $60.42.
Shares of Nike (NYSE:NKE) opened at 52.73 on Monday. The firm has a market capitalization of $86.65 billion, a PE ratio of 21.01 and a beta of 0.59. Nike has a 12-month low of $49.01 and a 12-month high of $60.53. The company has a 50-day moving average price of $58.03 and a 200 day moving average price of $55.80.
Nike (NYSE:NKE) last released its earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The business had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. During the same period in the previous year, the firm earned $0.49 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts expect that Nike will post $2.42 earnings per share for the current year.
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In other Nike news, CFO Andrew Campion sold 96,243 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the sale, the chief financial officer now owns 50,246 shares of the company’s stock, valued at approximately $2,847,943.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric D. Sprunk sold 50,000 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $59.00, for a total transaction of $2,950,000.00. Following the completion of the sale, the insider now directly owns 300,108 shares in the company, valued at approximately $17,706,372. The disclosure for this sale can be found here. Insiders sold a total of 492,360 shares of company stock worth $28,485,174 in the last three months. Insiders own 3.90% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. V Wealth Management LLC purchased a new stake in Nike during the second quarter valued at $100,000. Crestwood Advisors Group LLC purchased a new stake in Nike during the first quarter valued at $117,000. Webster Bank N. A. raised its stake in Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the last quarter. Asset Planning Services Ltd. raised its stake in Nike by 0.3% in the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Finally, Atlantic Trust LLC purchased a new stake in Nike during the second quarter valued at $136,000. 62.71% of the stock is currently 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’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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