Nike, Inc. (NYSE:NKE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “NIKE’s robust growth and innovation efforts have been reflected in every quarter’s results for over three fiscal years now. The company’s last reported quarter gained from strength in international business and the global NIKE Direct business. Also, NIKE has been focused on its Consumer Direct Offense plan. Driven by its Triple Double strategy, this restructuring plan focuses on using digital methods for rapid innovation and product development, along with strengthening consumer relations by operating through core regions. However, the company has lagged the industry in the past three months due to lackluster sales in its key North American market. Notably, sales in the region dipped 3% in first-quarter fiscal 2018, wherein the gross margin was hurt by currency woes and a higher mix of off-price sales. The company anticipates near-term results to be hurt by the tough retail environment, which led to a bleak second quarter view.”
A number of other brokerages have also weighed in on NKE. Stifel Nicolaus set a $66.00 price objective on shares of Nike and gave the company a “buy” rating in a report on Saturday, July 22nd. Piper Jaffray Companies set a $53.00 price objective on shares of Nike and gave the company a “hold” rating in a report on Saturday, July 22nd. Guggenheim reiterated a “buy” rating and set a $70.00 price objective on shares of Nike in a report on Monday, July 24th. Cowen and Company set a $54.00 price objective on shares of Nike and gave the company a “hold” rating in a report on Friday, August 4th. Finally, Barclays PLC reiterated an “overweight” rating and set a $65.00 price objective on shares of Nike in a report on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $59.14.
Nike (NYSE NKE) opened at 50.84 on Friday. The company’s 50 day moving average is $52.76 and its 200 day moving average is $54.86. Nike has a 12 month low of $49.01 and a 12 month high of $60.53. The stock has a market cap of $83.33 billion, a PE ratio of 21.64 and a beta of 0.61.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. Nike had a net margin of 11.47% and a return on equity of 31.88%. The company had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.08 billion. During the same quarter last year, the business posted $0.73 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts anticipate that Nike will post $2.32 EPS for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: “Nike, Inc. (NKE) Raised to “Hold” at Zacks Investment Research” was originally reported by Sports Perspectives and is owned by of Sports Perspectives. If you are viewing this piece on another site, it was copied illegally and republished in violation of United States and international trademark and copyright laws. The correct version of this piece can be viewed at https://sportsperspectives.com/2017/10/13/nike-inc-nke-raised-to-hold-at-zacks-investment-research.html.
In other news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $53.45, for a total transaction of $855,200.00. Following the completion of the sale, the director now owns 25,660 shares of the company’s stock, valued at $1,371,527. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric D. Sprunk sold 112,323 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $58.61, for a total transaction of $6,583,251.03. Following the sale, the insider now directly owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The disclosure for this sale can be found here. Insiders have sold 134,045 shares of company stock valued at $7,778,338 in the last ninety days. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Bath Savings Trust Co grew its holdings in shares of Nike by 0.5% during the third quarter. Bath Savings Trust Co now owns 214,962 shares of the footwear maker’s stock worth $11,146,000 after buying an additional 1,140 shares in the last quarter. Perpetual Ltd grew its holdings in shares of Nike by 41.5% during the second quarter. Perpetual Ltd now owns 114,400 shares of the footwear maker’s stock worth $6,750,000 after buying an additional 33,539 shares in the last quarter. Perigon Wealth Management LLC grew its holdings in shares of Nike by 51.3% during the second quarter. Perigon Wealth Management LLC now owns 63,834 shares of the footwear maker’s stock worth $3,773,000 after buying an additional 21,657 shares in the last quarter. Griffin Asset Management Inc. purchased a new stake in shares of Nike during the second quarter worth $465,000. Finally, Sentry Investment Management LLC grew its holdings in shares of Nike by 1.0% during the second quarter. Sentry Investment Management LLC now owns 104,569 shares of the footwear maker’s stock worth $6,170,000 after buying an additional 993 shares in the last quarter. 62.63% 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.
Receive News & Ratings for Nike Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike Inc. and related companies with MarketBeat.com's FREE daily email newsletter.