Cowen and Company Reiterates “Hold” Rating for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE)‘s stock had its “hold” rating reissued by analysts at Cowen and Company in a research report issued on Sunday. They presently have a $54.00 target price on the footwear maker’s stock. Cowen and Company’s price target suggests a potential upside of 0.93% from the stock’s previous close.
A number of other research firms also recently issued reports on NKE. UBS AG reissued a “buy” rating and set a $62.00 price target (down previously from $63.00) on shares of Nike in a research report on Tuesday, June 27th. FBR & Co set a $53.00 price target on Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Canaccord Genuity set a $51.00 price target on Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Wells Fargo & Company set a $56.00 price target on Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Piper Jaffray Companies set a $50.00 price target on Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $60.48.
Shares of Nike (NYSE:NKE) opened at 53.50 on Friday. The company has a 50-day moving average of $55.74 and a 200 day moving average of $55.41. The company has a market cap of $87.91 billion, a PE ratio of 21.31 and a beta of 0.61. Nike has a 12-month low of $49.01 and a 12-month high of $60.53.
Nike (NYSE:NKE) last announced its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion for 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%. Nike’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.49 EPS. On average, equities research analysts expect that Nike will post $2.41 EPS for the current year.
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In other news, insider Trevor A. Edwards sold 200,000 shares of Nike stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the sale, the insider now directly owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Campion sold 96,243 shares of Nike stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $56.68, for a total value 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 disclosure for this sale can be found here. Insiders sold 508,360 shares of company stock worth $29,340,374 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.
Large investors have recently modified their holdings of the company. V Wealth Management LLC acquired a new stake in shares of Nike in the second quarter worth approximately $100,000. Webster Bank N. A. boosted its stake 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 acquiring an additional 900 shares during the last quarter. Asset Planning Services Ltd. boosted its stake 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 acquiring an additional 7 shares during the last quarter. Atlantic Trust LLC acquired a new stake in shares of Nike in the second quarter worth approximately $136,000. Finally, Rational Advisors LLC boosted its stake in shares of Nike by 14.3% in the first quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock worth $143,000 after acquiring an additional 321 shares during the last quarter. 62.63% of the stock is currently owned by hedge funds and other institutional investors.
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.
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