Nike, Inc. (NKE) Stock Rating Upgraded by Morgan Stanley
Nike, Inc. (NYSE:NKE) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The firm presently has a $68.00 price objective on the footwear maker’s stock, up from their previous price objective of $57.77. Morgan Stanley’s price objective suggests a potential upside of 17.71% from the company’s previous close.
A number of other equities analysts have also recently commented on NKE. Cowen and Company lifted 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. Barclays PLC reaffirmed an “overweight” rating and set a $65.00 target price on shares of Nike in a research note on Friday, June 30th. J P Morgan Chase & Co reissued a “neutral” rating and set a $58.00 price objective on shares of Nike in a research note on Friday, June 30th. Stifel Nicolaus reissued a “buy” rating and set a $66.00 price objective on shares of Nike in a research note on Friday, June 30th. Finally, Bank of America Corporation reiterated an “underperform” rating and issued a $42.00 target price on shares of Nike in a research note on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company. Nike has an average rating of “Hold” and a consensus price target of $60.95.
Nike (NKE) traded up 2.06% during mid-day trading on Wednesday, hitting $58.96. The company’s stock had a trading volume of 6,450,849 shares. The firm has a market cap of $97.10 billion, a price-to-earnings ratio of 23.49 and a beta of 0.60. Nike has a 52-week low of $49.01 and a 52-week high of $60.33. The firm has a 50 day moving average of $54.84 and a 200-day moving average of $54.89.
Nike (NYSE:NKE) last issued its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.10. Nike had a net margin of 12.34% and a return on equity of 34.18%. The company had revenue of $8.68 billion during the quarter, compared to analyst estimates of $8.63 billion. During the same quarter last year, the business posted $0.49 EPS. Nike’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Nike will post $2.43 EPS for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This piece of content was first published by Watch List News and is the sole property of of Watch List News. If you are accessing this piece of content on another website, it was illegally copied and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/nike-inc-nysenke-rating-increased-to-overweight-at-morgan-stanley/1453316.html.
In related news, CFO Andrew Campion sold 96,243 shares of Nike stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $56.68, for a total value of $5,455,053.24. Following the completion of the sale, the chief financial officer now directly owns 50,246 shares in the company, valued at approximately $2,847,943.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of Nike stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total transaction of $11,526,000.00. Following the completion of the sale, the insider now owns 729,610 shares of the company’s stock, valued at $42,047,424.30. The disclosure for this sale can be found here. Insiders sold a total of 374,315 shares of company stock worth $21,562,036 over the last 90 days. Company insiders own 3.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Baltimore Washington Financial Advisors Inc. bought a new stake in Nike during the fourth quarter worth approximately $10,508,000. V Wealth Management LLC bought a new stake in Nike during the second quarter worth approximately $100,000. Webster Bank N. A. boosted its stake 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 bought a new stake in Nike during the first quarter worth approximately $117,000. Finally, Gierl Augustine Investment Management Inc boosted its stake 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 own 63.98% of the company’s stock.
Nike Company Profile
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 Analyst Ratings Network's FREE daily email newsletter.