Nike, Inc. (NYSE:NKE) has been given a $62.00 price objective by investment analysts at Nomura in a note issued to investors on Monday. The firm presently has a “buy” rating on the footwear maker’s stock. Nomura’s target price indicates a potential upside of 6.90% from the company’s previous close.
Other analysts have also recently issued reports about the company. Bank of America Corporation restated an “underperform” rating and issued a $46.00 target price on shares of Nike in a report on Wednesday, March 22nd. Vetr cut Nike from a “buy” rating to a “hold” rating and set a $58.44 target price for the company. in a report on Monday, April 17th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Nike in a research note on Wednesday, March 22nd. Canaccord Genuity set a $51.00 price target on Nike and gave the company a “hold” rating in a research note on Friday, May 26th. Finally, Instinet reaffirmed a “buy” rating on shares of Nike in a research note on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty have given a buy rating to the stock. Nike presently has a consensus rating of “Hold” and an average price target of $60.61.
Nike (NYSE NKE) traded down 0.095% on Monday, hitting $57.945. The stock had a trading volume of 2,309,948 shares. The company has a 50-day moving average of $52.82 and a 200 day moving average of $54.25. Nike has a 12 month low of $49.01 and a 12 month high of $60.33. The company has a market cap of $95.43 billion, a PE ratio of 23.086 and a beta of 0.59.
Nike (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. During the same period in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts predict that Nike will post $2.43 EPS for the current fiscal year.
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In related news, insider Eric D. Sprunk sold 50,000 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $59.00, for a total value of $2,950,000.00. Following the completion of the transaction, the insider now directly owns 300,108 shares of the company’s stock, valued at approximately $17,706,372. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Hilary K. Krane sold 65,000 shares of the stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $56.00, for a total value of $3,640,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 270,795 shares of the company’s stock, valued at $15,164,520. The disclosure for this sale can be found here. Insiders have sold 425,243 shares of company stock valued at $24,361,353 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.
Institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Nike by 1.4% in the first quarter. State Street Corp now owns 59,554,253 shares of the footwear maker’s stock worth $3,319,086,000 after buying an additional 835,003 shares during the period. Wellington Management Group LLP raised its position in shares of Nike by 5.0% in the first quarter. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker’s stock worth $2,781,332,000 after buying an additional 2,375,447 shares during the period. Bank of New York Mellon Corp raised its position in shares of Nike by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 29,087,830 shares of the footwear maker’s stock worth $1,621,066,000 after buying an additional 144,846 shares during the period. Jennison Associates LLC raised its position in shares of Nike by 124.7% in the first quarter. Jennison Associates LLC now owns 25,143,559 shares of the footwear maker’s stock worth $1,401,251,000 after buying an additional 13,953,567 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Nike by 9.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,679,290 shares of the footwear maker’s stock worth $706,617,000 after buying an additional 1,130,409 shares during the period. 63.98% 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’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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