Nike Inc. (NYSE:NKE) posted its quarterly earnings results on Tuesday. The footwear maker reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.17. Nike had a return on equity of 29.57% and a net margin of 11.61%. The firm earned $9.06 billion during the quarter, compared to analysts’ expectations of $8.88 billion.
Nike (NYSE:NKE) traded up 1.73% during mid-day trading on Tuesday, hitting $55.34. The stock had a trading volume of 14,466,883 shares. The firm has a 50-day moving average of $56.80 and a 200-day moving average of $57.36. The stock has a market cap of $92.84 billion, a P/E ratio of 25.62 and a beta of 0.52. Nike has a 52-week low of $51.48 and a 52-week high of $68.19.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.18%. Nike’s payout ratio is 29.63%.
A number of analysts recently commented on NKE shares. Deutsche Bank AG reiterated a “buy” rating and set a $75.00 price objective on shares of Nike in a research report on Sunday. Zacks Investment Research upgraded Nike from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. Morgan Stanley reiterated a “hold” rating and set a $60.00 price objective on shares of Nike in a research report on Wednesday, September 21st. Cowen and Company set a $63.00 price objective on Nike and gave the company a “buy” rating in a research report on Tuesday, September 13th. Finally, Jefferies Group reiterated a “buy” rating on shares of Nike in a research report on Monday, September 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-three have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $65.15.
In other Nike news, EVP John F. Slusher sold 72,696 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total value of $4,198,194.00. Following the sale, the executive vice president now owns 231,861 shares of the company’s stock, valued at $13,389,972.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John C. Lechleiter bought 1,000 shares of the business’s stock in a transaction on Friday, July 1st. The stock was purchased at an average cost of $55.09 per share, for a total transaction of $55,090.00. Following the transaction, the director now owns 23,682 shares of the company’s stock, valued at $1,304,641.38. The disclosure for this purchase can be found here. 3.90% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. SevenBridge Financial Group LLC purchased a new stake in shares of Nike during the second quarter worth about $100,000. Banced Corp purchased a new stake in shares of Nike during the second quarter worth about $258,000. Mycio Wealth Partners LLC raised its stake in shares of Nike by 40.4% in the second quarter. Mycio Wealth Partners LLC now owns 2,494 shares of the footwear maker’s stock worth $138,000 after buying an additional 718 shares during the last quarter. ARGI Investment Services LLC raised its stake in shares of Nike by 5.8% in the second quarter. ARGI Investment Services LLC now owns 3,663 shares of the footwear maker’s stock worth $202,000 after buying an additional 202 shares during the last quarter. Finally, Alpha Cubed Investments LLC purchased a new stake in shares of Nike during the second quarter worth about $204,000. 62.04% of the stock is currently owned by 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 sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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