Investors Buy Nike, Inc. (NKE) on Weakness
Investors purchased shares of Nike, Inc. (NYSE:NKE) on weakness during trading on Monday. $89.14 million flowed into the stock on the tick-up and $55.95 million flowed out of the stock on the tick-down, for a money net flow of $33.19 million into the stock. Of all stocks tracked, Nike had the 15th highest net in-flow for the day. Nike traded down ($0.37) for the day and closed at $53.50
NKE has been the subject of several research reports. Nomura reissued a “buy” rating and set a $60.00 price objective 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 lowered their price objective for the stock from $61.00 to $58.00 in a research report on Friday, June 16th. Telsey Advisory Group lowered their price objective on shares of Nike from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, June 22nd. Cowen and Company increased their price objective 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 lowered their price objective for the stock from $75.00 to $60.00 in a research report on Monday, August 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $60.48.
The company’s 50-day moving average is $55.88 and its 200-day moving average is $55.47. The stock has a market cap of $87.91 billion, a PE ratio of 21.31 and a beta of 0.61.
Nike (NYSE:NKE) last announced its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (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 firm had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. During the same period in the prior year, the firm posted $0.49 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Nike, Inc. will post $2.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Tuesday, September 5th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, August 31st. Nike’s payout ratio is 28.69%.
In other news, CFO Andrew Campion sold 96,243 shares of the stock in a transaction dated 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 directly owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Trevor A. Edwards sold 200,000 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the sale, the insider now directly owns 729,610 shares in the company, valued at $42,047,424.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 492,360 shares of company stock worth $28,485,174. Insiders own 3.90% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. V Wealth Management LLC bought a new position in shares of Nike in the second quarter worth approximately $100,000. Webster Bank N. A. increased its position in shares of Nike by 75.5% in the first quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock worth $117,000 after purchasing an additional 900 shares during the last quarter. Asset Planning Services Ltd. increased its position in shares of Nike by 0.3% in the second quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock worth $126,000 after purchasing an additional 7 shares during the last quarter. Atlantic Trust LLC bought a new position in shares of Nike in the second quarter worth approximately $136,000. Finally, Kistler Tiffany Companies LLC increased its position in shares of Nike by 91.7% in the second quarter. Kistler Tiffany Companies LLC now owns 2,527 shares of the footwear maker’s stock worth $149,000 after purchasing an additional 1,209 shares during the last quarter. Institutional investors own 62.63% 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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