Nike, Inc. (NKE) Rating Lowered to Underweight at Piper Jaffray Companies
Nike, Inc. (NYSE:NKE) was downgraded by equities research analysts at Piper Jaffray Companies from a “neutral” rating to an “underweight” rating in a report released on Wednesday.
A number of other research firms have also weighed in on NKE. Nomura reiterated a “buy” rating and issued a $60.00 price objective on shares of Nike in a research report on Friday, June 30th. J P Morgan Chase & Co lowered shares of Nike from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $61.00 to $58.00 in a research report on Friday, June 16th. Telsey Advisory Group decreased their target price on shares of Nike from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, June 22nd. Cowen and Company boosted their target price on shares of Nike from $53.00 to $54.00 and gave the stock a “market perform” rating in a research report on Friday, June 30th. Finally, Jefferies Group LLC lowered shares of Nike from a “buy” rating to a “hold” rating and decreased their target price for the stock from $75.00 to $60.00 in a research report on Monday, August 21st. Four analysts have rated the stock with a sell rating, seventeen have given a hold rating and twenty have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $60.04.
Shares of Nike (NYSE NKE) opened at 53.19 on Wednesday. The stock has a market capitalization of $87.40 billion, a P/E ratio of 21.19 and a beta of 0.61. Nike has a one year low of $49.01 and a one year high of $60.53. The company’s 50-day moving average is $55.57 and its 200-day moving average is $55.39.
Nike (NYSE:NKE) last posted its quarterly earnings data on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.63 billion. During the same period last year, the firm posted $0.49 EPS. Nike’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Nike will post $2.41 earnings per share for the current year.
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In other Nike news, Director Johnathan A. Rodgers sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $53.45, for a total value of $855,200.00. Following the completion of the transaction, the director now owns 25,660 shares in the company, valued at approximately $1,371,527. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric D. Sprunk sold 50,000 shares of the company’s 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 owns 300,108 shares of the company’s stock, valued at approximately $17,706,372. The disclosure for this sale can be found here. In the last 90 days, insiders sold 508,360 shares of company stock valued at $29,340,374. 3.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Scotland Group PLC boosted its holdings in Nike by 6.2% in the 1st quarter. Royal Bank of Scotland Group PLC now owns 207,834 shares of the footwear maker’s stock worth $11,582,000 after acquiring an additional 12,201 shares during the period. North Star Asset Management Inc. boosted its stake in shares of Nike by 7.8% during the 1st quarter. North Star Asset Management Inc. now owns 56,732 shares of the footwear maker’s stock valued at $3,162,000 after buying an additional 4,129 shares during the last quarter. Hartford Investment Management Co. boosted its stake in shares of Nike by 5.5% during the 2nd quarter. Hartford Investment Management Co. now owns 360,722 shares of the footwear maker’s stock valued at $21,283,000 after buying an additional 18,759 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Nike by 3.7% during the 1st quarter. Fifth Third Bancorp now owns 1,120,494 shares of the footwear maker’s stock valued at $62,445,000 after buying an additional 39,554 shares during the last quarter. Finally, Summit Global Investments purchased a new position in shares of Nike during the 1st quarter valued at approximately $508,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.
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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