Nike Inc (NKE) Stock Rating Reaffirmed by Wells Fargo & Company
Nike Inc (NYSE:NKE)‘s stock had its “market perform” rating reiterated by investment analysts at Wells Fargo & Company in a research report issued on Tuesday. They presently have a $55.00 price objective on the footwear maker’s stock, down from their prior price objective of $56.00. Wells Fargo & Company’s price target would indicate a potential upside of 2.69% from the stock’s previous close.
A number of other research firms also recently commented on NKE. Stifel Nicolaus set a $66.00 price objective on Nike and gave the stock a “buy” rating in a report on Saturday, July 22nd. Piper Jaffray Companies set a $53.00 price objective on Nike and gave the stock a “hold” rating in a report on Saturday, July 22nd. Guggenheim restated a “buy” rating and issued 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 Nike and gave the stock a “hold” rating in a report on Friday, August 4th. Finally, Barclays PLC restated an “overweight” rating and issued a $65.00 price objective on shares of Nike in a report on Friday, June 30th. Four analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twenty have assigned a buy rating to the company. Nike currently has a consensus rating of “Hold” and a consensus price target of $60.04.
Shares of Nike (NYSE NKE) opened at 53.56 on Tuesday. The stock has a market capitalization of $88.01 billion, a P/E ratio of 21.34 and a beta of 0.61. The company has a 50-day moving average of $55.57 and a 200-day moving average of $55.39. Nike has a 12-month low of $49.01 and a 12-month high of $60.53.
Nike (NYSE:NKE) last issued its earnings results 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. The company had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. Nike had a return on equity of 32.18% and a net margin of 11.62%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. Equities analysts expect that Nike will post $2.41 earnings per share for the current fiscal year.
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In other Nike news, insider Eric D. Sprunk sold 50,000 shares of the business’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 sale, the insider now owns 300,108 shares in the company, valued at approximately $17,706,372. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Campion sold 5,722 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $59.40, for a total value of $339,886.80. Following the completion of the sale, the chief financial officer now owns 34,976 shares in the company, valued at approximately $2,077,574.40. The disclosure for this sale can be found here. Insiders have sold a total of 508,360 shares of company stock worth $29,340,374 in the last quarter. 3.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Asset Planning Services Ltd. lifted its stake in Nike by 0.3% in the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after acquiring an additional 7 shares in the last quarter. Stearns Financial Services Group lifted its stake in Nike by 0.4% in the 2nd quarter. Stearns Financial Services Group now owns 4,160 shares of the footwear maker’s stock valued at $245,000 after acquiring an additional 17 shares in the last quarter. Accredited Investors Inc. lifted its stake in Nike by 0.5% in the 1st quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock valued at $232,000 after acquiring an additional 19 shares in the last quarter. Montecito Bank & Trust lifted its stake in Nike by 0.3% in the 1st quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock valued at $402,000 after acquiring an additional 24 shares in the last quarter. Finally, Smith Shellnut Wilson LLC ADV lifted its stake in Nike by 0.3% in the 2nd quarter. Smith Shellnut Wilson LLC ADV now owns 14,894 shares of the footwear maker’s stock valued at $822,000 after acquiring an additional 41 shares in the last quarter. 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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