Investors Buy Nike, Inc. (NKE) on Weakness
Investors purchased shares of Nike, Inc. (NYSE:NKE) on weakness during trading on Monday. $214.86 million flowed into the stock on the tick-up and $57.97 million flowed out of the stock on the tick-down, for a money net flow of $156.89 million into the stock. Of all equities tracked, Nike had the 2nd highest net in-flow for the day. Nike traded down ($0.18) for the day and closed at $55.91
Several research analysts have recently commented on NKE shares. B. Riley reissued a “neutral” rating on shares of Nike in a report on Wednesday, November 1st. Guggenheim reissued a “buy” rating and set a $70.00 price objective on shares of Nike in a report on Monday, July 24th. FBR & Co reissued a “hold” rating and set a $53.00 price objective on shares of Nike in a report on Thursday, September 14th. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $64.00 price objective on shares of Nike in a report on Tuesday, September 19th. Finally, Raymond James Financial, Inc. cut their price objective on Nike from $71.00 to $67.00 and set an “outperform” rating for the company in a report on Tuesday, September 19th. Three investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twenty have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $58.93.
The company has a market cap of $91,511.79, a P/E ratio of 23.87, a PEG ratio of 2.62 and a beta of 0.60. The company has a current ratio of 2.67, a quick ratio of 1.81 and a debt-to-equity ratio of 0.29.
Nike (NYSE:NKE) last issued its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.09. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.08 billion. Nike had a return on equity of 31.88% and a net margin of 11.47%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the company earned $0.73 EPS. sell-side analysts forecast that Nike, Inc. will post 2.29 EPS for the current year.
In related news, Chairman Mark G. Parker sold 135,000 shares of Nike stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $55.03, for a total transaction of $7,429,050.00. Following the sale, the chairman now owns 1,637,736 shares of the company’s stock, valued at approximately $90,124,612.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Johnathan A. Rodgers sold 16,000 shares of Nike stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total value of $855,200.00. Following the sale, the director now directly owns 25,660 shares in the company, valued at approximately $1,371,527. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in NKE. Pioneer Investment Management Inc. increased its stake in Nike by 108.4% in the 1st quarter. Pioneer Investment Management Inc. now owns 3,157,306 shares of the footwear maker’s stock worth $175,956,000 after acquiring an additional 1,642,177 shares during the last quarter. State of Tennessee Treasury Department increased its stake in Nike by 5.6% in the 1st quarter. State of Tennessee Treasury Department now owns 926,263 shares of the footwear maker’s stock worth $51,621,000 after acquiring an additional 49,298 shares during the last quarter. Holderness Investments Co. bought a new stake in Nike in the 1st quarter worth approximately $336,000. State of Wisconsin Investment Board increased its stake in Nike by 14.1% in the 1st quarter. State of Wisconsin Investment Board now owns 1,592,523 shares of the footwear maker’s stock worth $88,751,000 after acquiring an additional 197,174 shares during the last quarter. Finally, United Bank increased its stake in Nike by 9.6% in the 1st quarter. United Bank now owns 27,530 shares of the footwear maker’s stock worth $1,534,000 after acquiring an additional 2,422 shares during the last quarter. 62.24% of the stock is currently owned by institutional investors and hedge funds.
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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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