Piper Jaffray Cos. reaffirmed their neutral rating on shares of Nike Inc. (NYSE:NKE) in a research note issued to investors on Wednesday. The brokerage currently has a $53.00 price target on the footwear maker’s stock.
Other analysts have also issued reports about the company. B. Riley reiterated a buy rating and set a $66.00 price target on shares of Nike in a report on Wednesday, June 22nd. Deutsche Bank AG reiterated a buy rating on shares of Nike in a report on Sunday, July 17th. Canaccord Genuity reiterated a neutral rating and set a $56.00 price target (down from $57.00) on shares of Nike in a report on Wednesday, June 29th. BB&T Corp. reiterated a buy rating and set a $70.00 price target (down from $74.00) on shares of Nike in a report on Tuesday, June 21st. Finally, Citigroup Inc. reiterated a buy rating and set a $61.00 price target (down from $75.00) on shares of Nike in a report on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $63.99.
Shares of Nike (NYSE:NKE) opened at 51.62 on Wednesday. The firm has a market capitalization of $86.31 billion, a price-to-earnings ratio of 23.29 and a beta of 0.56. The stock’s 50 day moving average price is $54.79 and its 200 day moving average price is $56.49. Nike has a 12-month low of $51.48 and a 12-month high of $68.19.
Nike (NYSE:NKE) last announced its earnings results on Tuesday, September 27th. The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.17. The company had revenue of $9.06 billion for the quarter. Nike had a return on equity of 30.56% and a net margin of 11.60%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.34 EPS. Equities research analysts expect that Nike will post $2.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Thursday, September 1st. Nike’s payout ratio is 28.83%.
In other Nike news, Director John C. Lechleiter purchased 1,000 shares of the stock in a transaction on Friday, September 30th. The stock was acquired at an average price of $52.72 per share, with a total value of $52,720.00. Following the transaction, the director now directly owns 27,560 shares of the company’s stock, valued at approximately $1,452,963.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John F. Slusher sold 72,696 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total value of $4,198,194.00. Following the transaction, the executive vice president now directly owns 231,861 shares of the company’s stock, valued at approximately $13,389,972.75. The disclosure for this sale can be found here. Company insiders own 3.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Nike by 92.6% in the first quarter. Wellington Management Group LLP now owns 27,329,360 shares of the footwear maker’s stock worth $1,679,937,000 after buying an additional 13,136,502 shares during the last quarter. Lone Pine Capital LLC raised its position in Nike by 52.6% in the second quarter. Lone Pine Capital LLC now owns 18,305,703 shares of the footwear maker’s stock worth $1,010,475,000 after buying an additional 6,309,324 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Nike during the second quarter worth approximately $197,303,000. Janus Capital Management LLC raised its position in Nike by 14.4% in the second quarter. Janus Capital Management LLC now owns 25,453,224 shares of the footwear maker’s stock worth $1,405,003,000 after buying an additional 3,203,177 shares during the last quarter. Finally, Vontobel Asset Management Inc. acquired a new position in Nike during the second quarter worth approximately $175,750,000. 62.08% of the stock is owned by institutional investors and hedge funds.
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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