Nike Inc (NKE) Expected to Post Quarterly Sales of $8.61 Billion

Wall Street brokerages predict that Nike Inc (NYSE:NKE) will announce sales of $8.61 billion for the current quarter, Zacks Investment Research reports. Twelve analysts have issued estimates for Nike’s earnings. The lowest sales estimate is $8.54 billion and the highest is $8.8 billion. Nike reported sales of $8.24 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.5%. The firm is expected to issue its next quarterly earnings results on Tuesday, June 27th.

On average, analysts expect that Nike will report full year sales of $8.61 billion for the current financial year, with estimates ranging from $34.22 billion to $34.47 billion. For the next financial year, analysts anticipate that the firm will report sales of $36.45 billion per share, with estimates ranging from $35.61 billion to $37.89 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Nike.

Nike (NYSE:NKE) last posted its quarterly earnings data on Tuesday, March 21st. The footwear maker reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.15. Nike had a net margin of 11.60% and a return on equity of 31.70%. The firm had revenue of $8.43 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same period in the prior year, the firm posted $0.55 EPS. The firm’s revenue was up 5.0% compared to the same quarter last year.

Several equities research analysts have recently issued reports on NKE shares. Morgan Stanley set a $56.00 price objective on shares of Nike and gave the stock a “neutral” rating in a research note on Monday, March 13th. Forward View started coverage on shares of Nike in a research note on Friday, January 27th. They issued a “hold” rating and a $55.00 price objective on the stock. Vetr downgraded shares of Nike from a “strong-buy” rating to a “buy” rating and set a $61.71 price objective on the stock. in a research note on Thursday, February 9th. Piper Jaffray Companies restated a “neutral” rating and issued a $51.00 price objective on shares of Nike in a research note on Thursday, March 16th. Finally, Bank of America Corp restated an “underperform” rating and issued a $46.00 price objective on shares of Nike in a research note on Wednesday, March 22nd. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $60.93.

Nike (NYSE:NKE) traded up 0.46% on Friday, reaching $52.59. 5,918,332 shares of the company’s stock were exchanged. Nike has a 12 month low of $49.01 and a 12 month high of $60.33. The firm has a 50 day moving average of $54.39 and a 200 day moving average of $53.91. The stock has a market capitalization of $86.81 billion, a PE ratio of 21.94 and a beta of 0.44.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Monday, June 5th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.37%. Nike’s dividend payout ratio is presently 31.72%.

In related news, insider Eric D. Sprunk sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $55.67, for a total value of $2,783,500.00. Following the completion of the transaction, the insider now directly owns 300,108 shares in the company, valued at approximately $16,707,012.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Hilary K. Krane sold 65,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 18th. The shares were 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 owns 270,795 shares of the company’s stock, valued at $15,164,520. The disclosure for this sale can be found here. Insiders sold a total of 379,000 shares of company stock valued at $21,213,800 over the last quarter. 3.90% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Baltimore Washington Financial Advisors Inc. acquired a new position in shares of Nike during the fourth quarter valued at about $10,508,000. Clarius Group LLC purchased a new position in Nike during the fourth quarter worth $111,000. Webster Bank N. A. increased its position in 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 buying an additional 900 shares during the period. Crestwood Advisors Group LLC purchased a new position in Nike during the first quarter worth $117,000. Finally, Gierl Augustine Investment Management Inc increased its position in Nike by 5.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,121 shares of the footwear maker’s stock worth $118,000 after buying an additional 107 shares during the period. Institutional investors and hedge funds own 62.23% of the company’s stock.

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About Nike

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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